Viewing cable 08SAOPAULO655
Title: Corrected Copy - Global Economy- China - Sao Paulo Media

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08SAOPAULO6552008-12-08 14:13:00 2011-08-30 01:44:00 UNCLASSIFIED Consulate Sao Paulo
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RUEHBR/AMEMBASSY BRASILIA PRIORITY 9914
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SUBJECT: Corrected Copy - Global Economy- China - Sao Paulo Media 
Reaction - December 8, 2008 
 
Title - Will socialist China save the capitalist world? 
 
Article in liberal Folha de S. Paulo (12-08) by Charles A. Tang, 
President of the Brazil-China Trade and Industry Chamber says: "The 
present crisis, caused by excessive expenditures, gigantic 
indebtedness and financial speculation by the U.S. without 
regulation resulted in emerging countries who were invited to the 
rich countries party ended up paying the bill.  This was the reason 
why at the G-20 meeting, China and Saudi Arabia were the center of 
the attention because of their pockets full of money.  As the only 
economy with impressive growth and more than US$2 trillion of 
reserves, China had a well defined role: to save the capitalist 
world once again....The Chinese economic and financial practices, 
severely criticized until the outcome of the crisis, are the same 
that the capitalist world now expects from China.... This crisis 
means not only the end of the capitalism in its recently practiced 
form, but also give signs of the end of an era of economic and 
financial domain by the G7 countries and unipolar world....Although 
with its enviable reserves, the Chinese economy cannot, by now, 
substitute the U.S. gigantic economy. ...What China can do is to 
amortize the fall of the world economy, especially from the 
countries that provide strategic products that China needs for its 
sustainable growth and to feed its people." 
White