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Cablegate: Media Reaction: Wto Ruling, U.S. "Returns to Asia," China's

VZCZCXRO2409
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #2361 2260851
ZNR UUUUU ZZH
R 140851Z AUG 09
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 5670
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

UNCLAS BEIJING 002361

DEPARTMENT FOR INR/R/MR, EAP/CM, EAP/PA, EAP/PD, C
HQ PACOM FOR PUBLIC DIPLOMACY ADVISOR (J007)
SIPDIS

E.O. 12958: N/A
TAGS: PREL ECON KMDR OPRC CH

SUBJECT: MEDIA REACTION: WTO RULING, U.S. "RETURNS TO ASIA," CHINA'S
LIQUIDITY WORRIES

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Editorial Quotes
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1. WTO RULING

"WTO ruling will spur improvement of China's audio-visual industry"

The official Communist Party international news publication Global
Times (Huanqiu Shibao) (08/14): "If the World Trade Organization
ruling is effective, American audio-visual products, primarily
Hollywood films, will have more avenues to penetrate the Chinese
market at a lower cost. In recent years, American audio-visual
products have spread around world and threatened the 'cultural
industry' in many countries. This ruling has sounded an alarm in
China's cultural industry. In the context of globalization, it
seems that we have only one choice: to make ourselves better and
stronger. In the end, China's influence in the world will be
determined by the number of people who are watching Chinese movies,
listening to Chinese music, and reading Chinese books."

"WTO decision will cause a chain reaction"

Guangdong 21st Century Publishing Company's business newspaper 21st
Century Business Herald (21 Shiji Jingji Baodao) (08/14): "China may
appeal a ruling by the World Trade Organization supporting a U.S.
complaint against the country's regulations on imported books,
films, and music. Zhang Jianxin, the Dean of the International
Relations and Public Affairs Institute at Fudan University, said he
is not optimistic that the appeal will succeed. China does not need
to regard this ruling as a big threat. He argued that the WTO's
decision will help China protect intellectual property rights by
causing China to pass additional laws on IPR protection. The ruling
will also inspire China's cultural industry to improve the quality
of its products. From a long-term perspective, the benefits of this
ruling will outweigh the drawbacks."

2. U.S. "RETURNS TO ASIA"

"U.S. returns to Asia to contain China"

The China Radio International sponsored newspaper World News Journal
(Shijie Xinwenbao) (08/14): "The reasons the U.S. has returned to
Asia are to prevent China from becoming the major power in the
region, to put more pressure on Myanmar through deeper involvement
in ASEAN affairs, and to prevent North Korea from developing allies
in the region. The U.S.'s sudden interest in Southeast Asia is due
to the fact that it believes there is an opportunity to take
advantage of the differences between China and some ASEAN countries
over the South China Sea issue. The U.S. thinks these ASEAN
countries might want to leverage U.S. power in the region to
counter-balance China. The U.S. wants to manipulate the struggle
between China and ASEAN countries to weaken China and hinder its
development."

3. CHINA'S LIQUIDITY WORRIES

"The era of the U.S. injecting liquidity into China has come to an
end"

Guangdong 21st Century Publishing Company Ltd.'s business newspaper
21st Century Business Herald (21 Shiji Jingji Baodao) (08/14): "A
Chinese expert said China's $2 trillion foreign exchange reserves
are equal to the liquidity the U.S. has injected into China. This
liquidity has developed private sector and export companies in China
and increased the efficiency of the Chinese economy. However,
China's concern over a possible liquidity crisis caused by
improvements in the U.S. economy has triggered sharp fluctuations in
the capital market. Signs of economic recovery in the U.S. have had
a mixed impact on China. On the one hand, China's exports to the
U.S. are expected to pick up as growth in U.S. imports resumes. On
the other hand, the value of the U.S. dollar may rise, causing a
flight in the capital that has propped up asset prices in emerging
markets. The tightening and loosening in liquidity is like a
'double-edged sword,' which puzzles both China and the U.S., the
world's two most important economies across the Pacific."


GOLDBERG

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