VZCZCXRO9096
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #0776 0840839
ZNR UUUUU ZZH
R 250839Z MAR 09
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 3060
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

UNCLAS BEIJING 000776 
 
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: ECONOMIC STIMULUS PLAN 
 
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  Editorial Quotes 
-------------------- 
 
ECONOMIC STIMULUS PLAN 
 
a. "It is time for the U.S.-China economic reliance to shift" 
 
The official Communist Party international news publication Global 
Times (Huanqiu Shibao)(03/24): "People always compare Obama's 
current economic rescue plan with Franklin D. Roosevelt's New Deal. 
In fact, they are quite different.  Obama is trying to save the 
economic system that the 'imperial power country' has relied on for 
such a long time.  Obama has issued a large amount of currency as a 
method to jump start the economy.  This only solves the problems on 
the surface, but when reforming the international financial system, 
which is the root cause, the U.S. has not made any effective 
actions. 
 
The main goal of the U.S., in dealing with the financial crisis, is 
to try with all its effort, to prevent the coming of the 
'post-empire era'.  European countries clearly recognize the motives 
of the U.S.; to avoid reforming the global financial system and to 
maneuver the world's currency and investment markets in line with 
the U.S. dollar.  Thus a severe fight between the U.S. and Europe is 
inevitable at the G20 summit.  China should support Europe's stance 
for reform without hesitation. 
 
Because of the close reliance of U.S.-China economic relations, when 
a financial crisis breaks out, the creditor country, holding a lot 
of U.S.-dollar assets can't do anything but be completely hopeless. 
China must learn a lesson from this crisis.  It is undoubtedly the 
case that China is affected by the American financial illness.  The 
European resolution concerning the prioritization of the global 
financial system's reform is the correct path.  Only drastic 
measures can urge the U.S. to change its policy and get back onto 
the right economic path." 
 
b. "The word 'market rescue' is not a heart-breaking word" 
 
The official Communist Party international news publication Global 
Times (Huanqiu Shibao)(03/24): " Lately 'Market Rescue' is the most 
popular and heart-breaking phrase for the U.S. and Europe. Both of 
their market rescue measures have been unbeneficial to the world's 
economy. In nine days, the G20 Summit will open and discuss three 
things: policy coordination, increased financial supervision, and 
the reform of the international financial system. To actually turn 
these concepts into actions, the U.S. and Europe can't stand apart 
and only care about their own interests. These market rescue efforts 
need accumulated confidence and quick action. The primary goal of 
the rescue should be to help the poor deal with the crisis rather 
than to maintaining the luxurious standard of living of the rich. 
Selfish market rescue measures which intend to shift one's own 
troubles on to the backs of other countries will only further 
deteriorate the current financial situation. Therefore, the G20 
summit must be one of confidence and action." 
 
PICCUTA