P 180854Z NOV 08
FM AMCONSUL HONG KONG
TO SECSTATE WASHDC PRIORITY 6261
INFO WHITE HOUSE WASHDC
USDOC WASHDC
AMEMBASSY BEIJING 
AMCONSUL SHANGHAI
AMCONSUL GUANGZHOU 
AIT TAIPEI 0112
CDR USPACOM HONOLULU HI

UNCLAS HONG KONG 002100 
 
 
DEPT FOR INR/R/MR, INR/IC/CD, I/FW 
DEPT FOR EAP/PD, EAP/CM, EAP/P 
DEPT FOR VOA/BRF, TV-WPA 
WHITE HOUSE FOR NSC 
PRC POSTS FOR PA 
AIT 
USPACOM FOR FOR CIS PD ADVISER 
 
E.O. 12958: N/A 
TAGS: OPRC KMDR
SUBJECT: MEDIA REACTION: G20; NORTH KOREA 
 
TOPICS: 
¶1. G-20 
¶2. North Korea 
 
HEADLINES AND EXCERPTS: 
 
¶1. G-20 
 
"Leadership by the West will only result in minute modification; 
Asia must drive forward financial cooperation" 
 
The independent Chinese-language Ming Pao Daily News had an 
editorial (11/18):  "Judging from the 'Washington declaration' by 
the G20 summit, countries have reached consensus over enhancing 
supervision and adopting a concerted pace to boost the global 
economy.  Developing countries will play a more important role in 
revamping the international financial system.  However, the overall 
international financial system will not have any fundamental 
changes.  The U.S. will maintain its dominant status.  Although 
emerging markets and developing countries will have a bigger say, 
Asian countries, under the same fundamental setup, should drive 
forward economic and financial cooperation to comply with the 
diverse and multi-polar trend....  Setting up an 'Asian IMF' will 
not pose any challenges to the existing international financial 
system.  It will only be good for global economic development and 
financial stability.  An Asia with stable finances and prosperous 
economies will be good for the whole world." 
 
¶2. North Korea 
 
"North Korea and South Korea will face another test" 
 
The pro-PRC Chinese-language Macau Daily News remarked in an 
editorial (11/17):  "...The reason for North Korea to announce 
halting North-South relations is that the U.S. has recently remove 
North Korea from the list of countries supporting terrorism.  South 
Korea did not show a supporting stance, which has irritated North 
Korea.  South Korean media also frequently reported on the health 
problems of North Korean leader Kim Jong-il, and its non-government 
organizations always distribute leaflets criticizing Kim Jong-il at 
the border area.  All these have made North Korea mad.  In addition, 
North Korea believes that it has reached an agreement with the U.S. 
over nuclear inspections.  North Korea and the U.S. will turn 
hostility into friendship.  It can thus turn to the U.S. for 
consultations and does not want to have dialogue with South Korea 
again." 
 
DONOVAN