VZCZCXRO0657
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #0467/01 0550924
ZNR UUUUU ZZH
R 240924Z FEB 09
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 2461
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

UNCLAS SECTION 01 OF 02 BEIJING 000467 
 
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: OPRC KMDR CH
 
SUBJECT: MEDIA REACTION: SECRETARY CLINTON'S VISIT, FINANCIAL 
CRISIS 
 
-------------------- 
  Editorial Quotes 
-------------------- 
 
¶1. SECRETARY CLINTON'S VISIT 
 
a. "One sentence of Secretary Clinton's is worth further 
contemplation" 
 
The China Radio International sponsored newspaper World News Journal 
(Shijie Xinwenbao)(02/24): "Secretary Clinton said, during her trip 
to Japan that 'through strengthening relations with our traditional 
Asia allies and establishing partnerships with newly immerging 
countries, the U.S. could set up a worldwide network that would help 
the U.S. solve issues that it is unable to solve by itself.' This 
statement means that the U.S. will strengthen its ties to its old 
allies, Japan and South Korea. The U.S. is looking for a new type of 
partnership with China and Indonesia. They are looking for more 
friends and partners. The U.S. needs the help other countries solve 
some by using its leadership. Secretary Clinton's visit to Asia has 
shown the soft side of new government's diplomacy; and their intent 
to look for cooperation. It has a positive meaning for the 
development of Asia Pacific area. But people still wonder what a 
'traditional alliance' implies and whether it is driven by a Cold 
War mentality. People also wonder whether or not the Obama 
administration can accept an 'equal partnership' and even the 
'democratization of international relations.'" 
 
b. "Secretary Clinton's eagerness to borrow money arouses 
attention" 
 
The official Communist Party international news publication Global 
Times (Huanqiu Shibao)(02/24): "Many Western media have concluded 
that the purpose of Secretary Clinton's visit to China was to 
promote the sale of the U.S. debt in China. Chinese experts indicate 
that Secretary Clinton was weakening the issues of human rights and 
strengthening economic issues. This reflects that the Obama 
administration's idealism about the U.S.-China relationship is 
decreasing and that they are becoming more practical. However China 
did not respond as to whether or not it will increase its holding of 
American debts. Chinese experts indicate that too much high profile 
promotion by Secretary Clinton on the American debts may arouse 
antipathy. China will decide based on its own interests. It is 
welcome that Clinton has weakened the human rights disputes. But the 
topic still exists. Once our economics improve, the U.S. will come 
back to the human rights issues and China should be ready for 
that." 
 
¶2. FINANCIAL CRISIS 
 
a. "The depreciation on the Chinese Yuan = feeding America" 
 
21 Century Business Herald (21Shiji Jingji Baodao) under Guangdong 
21 century publishing company Ltd. Commented (02/24): "Over the last 
decade, the Chinese people have often worked for foreigners and in 
so doing, they have been gaining foreign exchange. Foreign exchange 
can be used to buy goods and services, but if you use it to buy 
foreign debt, then you give up the right to buy services. In this 
way, the Chinese people have served the foreigners for free while 
bearing their inflation. Obama is promoting a stimulus plan in the 
trillions of U.S. dollars. The USD has been and will continue to 
depreciate in the future. This means that the foreign exchange and 
the debt that the Chinese people hold will surely depreciate as 
well. Because the notes are worthless and the Chinese people are 
fascinated with collecting as many as possible, it is just like 
burning money...it is worthless. The Chinese government should not 
over control the RMB and Chinese people shouldn't serve the 
foreigners for free." 
 
b. "American-style capitalism will not end (issued by the Washington 
Observer)" 
 
Elite Reference (Qingnian Cankao), a newspaper affiliated to the 
official Communist Youth League China Youth Daily (02/24): "The U.S. 
has been receiving all the criticism for the financial crisis, and 
therefore people doubt the American style of liberal capitalism. 
Many countries' economic rescue measures have has a strong socialist 
slant. However, the financial crisis is not the end of liberal 
capitalism. During the formation of the crisis, it is the government 
who failed its obligations to urge banks to maintain their basic 
interest in economic activities, and to ignore Wall Street's 
leverage operation, which is as high as 32 times the normal rate. It 
is the government who should be blamed for failing to provide a 
reasonable environment for a normal operation of the capitalistic 
market economy. Obama's economic stimulus plan seems to have 
forgotten that private companies, not only gain success, but should 
also pay for their mistakes. Liberal entrepreneurial spirit is where 
the future of American economy lies, which is mostly suitable to 
 
BEIJING 00000467  002 OF 002 
 
 
develop in the world of capitalism. Capitalism still suits the U.S. 
the most." 
 
PICCUTA