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Viewing cable 09HONGKONG489, MEDIA REACTION: G20

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Reference ID Created Released Classification Origin
09HONGKONG489 2009-03-17 08:58 2011-08-23 00:00 UNCLASSIFIED Consulate Hong Kong
P 170858Z MAR 09
FM AMCONSUL HONG KONG
TO SECSTATE WASHDC PRIORITY 7157
INFO WHITE HOUSE WASHDC
USDOC WASHDC
AMEMBASSY BEIJING 
AMCONSUL SHANGHAI
AMCONSUL GUANGZHOU 
AIT TAIPEI 0231
CDR USPACOM HONOLULU HI
UNCLAS HONG KONG 000489 
 
 
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 
 
TOPIC: G20 
 
HEADLINES AND EXCERPTS: 
 
"Rescue the market before talking about financial reform" 
 
The mass-circulation Chinese-language Apple Daily News remarked in 
an editorial (3/17):  "...Recently, there is much 'noise' regarding 
economic cooperation between countries.  A few days ago, Chinese 
Premier Wen Jiabao said publicly that he was concerned about the 
stability of U.S. bonds in China's possession.  He also cautioned 
the U.S. administration to keep its promises of not letting China's 
foreign reserves have any further loss.  Such remarks have put U.S. 
financial officials in a quandary.  They have to make high profile 
guarantees that investments in the U.S. are absolutely safe....  The 
G20 finance ministers meeting in London last week fully reflected 
the differences among the countries.  Originally, the market 
expected the finance ministers of different countries to work 
together to come to agreement on how to stabilize the financial 
system as well as the economy.  Who would have thought that, 
instead, each country would spend the two days talking about their 
own concerns...?  The international community and large-scale 
conferences such as the G20 should concentrate on stimulating 
economies and rescuing financial systems by focusing all resources 
(including political resources) to boost global economies. 
Long-term plans and reform should be postponed.  Only this way, can 
the gap between countries be kept from widening.  And only this way, 
can the markets feel that the international community and economic 
bodies are determined to cooperate to rescue the markets....  For 
the failing global economy, the most important thing that all 
countries have to do now is to work together to stimulate the 
economy.  Differences over some long-term reforms and long-term 
developments should be put aside." 
 
"G20 finance ministers have differences but they also have common 
understanding" 
 
The pro-PRC Chinese-language Macau Daily News remarked in an 
editorial (3/17):  "The G20 finance ministers meeting lowered its 
curtain last weekend.  Although many financial institutions called 
on the U.S. or Europe to set up a 'bad-debt bank', no one mentioned 
it after the meeting.  G20 countries only promised to tackle the bad 
bank assets and to inject at least US$500 billion into the IMF. 
Although there were reports before the meeting about differences 
between the U.S. and Europe over this issue, the outcome of the 
meeting showed that finance ministers' common understanding is 
bigger than their differences.  In fact, countries cannot afford the 
cost of differences given the increasingly grim situation.... 
Judging from the declarations following the meeting, whether dealing 
with the economic stimulus measures or establishing a new global 
financial system, they only came up with a framework and principle 
but there is still no concrete 'roadmap'.  In comparison with the 
Washington summit last November, the atmosphere of the meeting this 
time has changed.  The Washington summit focused on the stability of 
the financial system, whereas the meeting this time focused on 
restoring confidence.  Finance ministers and central bank governors 
have shown their common understanding and determination in dealing 
with the issue of confidence." 
 
DONOVAN