P 020939Z APR 09
FM AMCONSUL HONG KONG
TO SECSTATE WASHDC PRIORITY 7315
INFO WHITE HOUSE WASHDC
USDOC WASHDC
AMEMBASSY BEIJING 
AMCONSUL SHANGHAI
AMCONSUL GUANGZHOU 
AIT TAIPEI 0255
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UNCLAS HONG KONG 000616 
 
 
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SUBJECT: MEDIA REACTION: G20 
 
TOPIC: G20 
 
HEADLINES AND EXCERPTS: 
 
"The commitments that G20 must make" 
 
The independent English-language South China Morning Post said in an 
editorial (4/2):  "The leaders of the world's 20 biggest developed 
and developing economies meet in London today.  In the four hours 
and 35 minutes of talks scheduled between meals and tea breaks they 
face an onerous task: to fix the broken global economy.  What needs 
to be done is plain, but getting such an unwieldy and diverse group 
to agree on a common strategy will not come easily.  A decisive way 
forward can be forged only if national self-interest and 
protectionist ways are set aside - and for the global good, this is 
what must happen....  The U.S. took a valuable step by helping put 
in place the G20, an organization better equipped than any before to 
handle global economic challenges.  Such a grouping needs leadership 
and co-operation to succeed in its aims. Differences between and 
among developed and key developing nations such as China have to be 
surmounted.  Joining hands to fight the worst economic turmoil in 
four generations is the only way to bring back growth.  Agreements 
made in London today have to be embraced and adhered to." 
 
"Rescuing the market is chief mission of the G20 summit" 
 
The mass-circulation Chinese-language Apple Daily News remarked in 
an editorial (4/2):  "...On the eve of the G20 summit, China's 
leadership is not mentioning even a word on changing the status of 
the U.S. dollar.  In contrast, China agrees with Britain and the 
U.S. to deal with the financial and economic crisis first....  Why 
did the Chinese government suddenly shift its position on the eve of 
the G20?  It is because the quick recovery of the global economy 
benefits China more than revamping the international financial 
system and changing the leading status of the U.S. dollar....  The 
status of the U.S. dollar and financial regulatory reform are 
long-standing and complicated issues.  They cannot be handled in the 
G20.  Leaders of the G20 should rather focus their attentions on 
coming to consensus on bailout plans." 
 
"China should be very happy" 
 
The independent Chinese-language Hong Kong Economic Journal said in 
an editorial (4/2):  "No doubt, China and the U.S. are playing the 
leading roles in the G20 summit.  President Hu Jintao and President 
Obama's meeting yesterday will naturally be the spotlight of the 
summit.  The whole world wants to know what opinions the two leaders 
have on the economic and financial issues, and what measures will 
they provide to help countries riding out the current crisis.  The 
Economist said that the G20 summit is actually the G2 summit.  The 
leading roles are just China and the U.S.  Though the Economist's 
comment is an overstatement, it also has its reasons....  There is 
still a long road to go if China wants to sit equally with the U.S. 
Apart from initiating a war of words and instigating public opinion, 
China is still not as influential as the EU and the U.S. in the 
process of laying down the rules of the game for the international 
financial system.  Nationalists should not be overexcited about 
this.  However, China, as a developing country, has made an 
achievement by successfully challenging the U.S. dollar.   It should 
be very happy about that." 
 
"Newcomer Obama is besieged by countries urging it to give away some 
of its power" 
 
The independent Chinese-language Hong Kong Economic Times commented 
in an editorial (4/2):  "The G20 summit will convene today.  The 
whole world is concerned about what results the summit is going to 
achieve.  They also pay attention to the first appearance of U.S. 
President Obama in the international arena.  They want to know how 
President Obama will remove countries' challenges on him and how he 
touches base with other countries.  It will not only affect the 
world power system for the next four years, but it will also reveal 
whether he can lead the world in combating recession.  The G20 
leader summit is an international rivalry at the most senior level. 
The Chinese public and foreign countries are all observing the words 
and deeds of Chinese President Hu Jintao and want to see whether he 
can gain a bigger say in the international arena.  The key question 
is how much international influence the U.S. will be forced to give 
up, especially with all countries besieging the U.S., as well as 
Obama." 
 
"China plays an important role in combating the financial tsunami" 
 
The working-class Chinese-language Sing Pao Daily News wrote in an 
editorial (4/2):  "... One country alone cannot be relied upon to 
ride out the financial crisis, rather a new international economic 
order must be set up.  The G20 summit is facing five issues.  First 
of all, making sure that global groups such as the World Bank and 
the IMF have the 'appropriate resources' to assist emerging 
economies battered by the economic crisis.  Second, revamping the 
banking system.  Third, stimulating economic growth.  Fourth, 
resisting protectionism and promoting trade.  Fifth, boosting the 
recovery of future economy in an environmentally friendly style. 
The G20 summit will be held today.  It has captured the world's 
attention.  It is hoped that leaders of the major economies will use 
their superb wisdom to stop the global economy from sliding toward a 
more serious recession.  It is also hoped that China and the U.S. 
will play a more positive role in combating the financial tsunami." 
 
"Hu-Obama summit is prelude to the G20" 
 
The pro-PRC Chinese-language Hong Kong Commercial Daily wrote in an 
editorial (4/2):  "...President Hu Jintao and U.S. President Obama's 
meeting before the G20 summit has attracted world attention.  This 
meeting is known as the G2 summit.  In yesterday's 'Hu-Obama 
summit', the two leaders discussed a wide range of topics of mutual 
concern, for example, Sino-U.S. relations.  They also exchanged 
views on how to deal with the international financial crisis.  They 
also reached consensus on setting up senior level strategic and 
economic dialogues and on rejecting protectionism.  Obama will visit 
China in the second half of the year.  This Hu-Obama summit can be 
treated as a prelude of the G20....  China is the biggest buyer of 
U.S. bonds.  It plays an important role in stabilizing finance in 
the U.S., as well as the world.  Under such a special situation, 
countries will, of course, pay attention to the Sino-U.S. leader 
summit.  They will naturally hope the G2 can join hands to solve the 
current crisis." 
 
"China plays an eye-catching role in the G20 summit" 
 
The pro-PRC Chinese-language Macau Daily News remarked in an 
editorial (4/2):  "The second G20 financial summit will be convened 
in London today.  President Hu Jintao will attend the meeting.  Some 
people described this meeting involving the developed countries and 
the developing countries as a cooperation and rivalry of 'three 
rival powers standing like the legs of a tripod'.  A 'game' between 
the U.S., Europe and China that is related to the success and 
failure of saving the global economy has begun.  China's role has 
never been as eye-catching and important as it is today.  Every 
country hopes that China will play an active role in helping to 
extricate them from the difficulties of the financial crisis." 
 
DONOVAN