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Guangmin Daily: U.S. Applied Double Standard in Handling the Financial Crisis

An article from Guangmin Daily criticized the United States for applying a double standard in handling the financial melt down in Wall Street versus the financial crisis tjat took place in Asia in 1997 and praised China for being a responsible nation. “At that time, the U.S. actively promoted the neoliberal economic model to tighten fiscal policy with little government intervention” the article said, “but during the current financial crisis, the U.S. government is taking a complete different approach which has seriously damaged the U.S.’s image in the world and it has been criticized as being an irresponsible nation.”

The article then praised China as a “responsible nation that has firmly followed the socialistic market path with Chinese characteristics”. It listed a number of actions that China took to stabilize the domestic economy and said that it has demonstrated itself as a sensible and responsible nation. The article concluded that: “after going through the economic crisis twice, it has made us further believers in the superior quality of socialist market economic systems. Therefore we can’t blindly worship the capitalist market economy anymore.”

Source: Xinhua, November 19, 2008