Friday, September 18, 2009

China supports "East Asian Community" concept mentioned by new Japanese PM

BEIJING, Sept. 17 (Xinhua) -- China on Thursday expressed support for the idea of creating an East Asian Community mentioned by Japan's newly elected Prime Minister Yukio Hatoyama.

Chinese Foreign Ministry spokeswoman Jiang Yu commented on the idea in response to a question about China's attitude towards it.

Hatoyama has said his government would promote the long-term idea of an East Asian Community modelled on the European Union with a common currency.

Jiang said it is a long-term objective of East Asian cooperation to establish an East Asian Community to promote lasting peace in East Asia and boost the economic and social development of the region in a comprehensive, coordinated and sustainable way.

"It is also the consensus of the Association of Southeast Asian Nations (ASEAN) as well as China, Japan and Republic of Korea," she told a regular press conference.

China is committed to working with East Asian countries including Japan to further deepen cooperation in the region and striving for the goal of an East Asian Community, Jiang said.


  1. LMAO ! ! ! this is what i have been screaming about. it may now come sooner than anyone had expected. the blow-back on the west could be huge. the financial destiny is no longer dominated by the euro/amer mind set. the wind of change is coming.

  2. Entitled “The teachings of Comrade Faber”, the October 2004 note begins:

    You are now all members of the central committee of the Communist Party which meets today for the first time in a year. I am Comrade Faber. Esteemed colleagues it is very clear that if our current economic growth continues at the pace of the last few years we are on a collision course with the United States.

    Increasingly, we will challenge the American hegemony … in terms of military might, the US is far superior to our nation. But there is a chance that we can beat them economically.

    And continues:

    Recently, over the last three or four years, the incremental demand coming from our nation has begun to boost prices in some sectors of the commodities market. This doesn’t mean we are in an inflationary environment…

    Now my esteemed comrades will ask me why we at the central bank are so stupid and continue to buy US dollars and US assets? Because it is clear there is a crisis looming some time in the future… My plan is to keep the US dollar very, very strong. First of all this forces our neighbours in Asia to also buy US dollar assets… So the whole of Asia is buying US dollars and by doing so, we keep the dollar at a high level. It continuously undermines and hollows out the manufacturing sector in the US. And our Hindu friends they gradually destroy the services sector that is tradeable in the US. .. At the same time we are buying US bonds and by doing so we keep interest rates artifically low….

    …Whereas the US is spending and borrowing we have had this huge increase in capital spending, in net capital formation, where our net capital formation rose until early this year by approximately 50 per cent per annum. It has since then declined and obviously this decline in capital spending will have some multiplier effects through the economy. So we expect a slowdown in the economy.

    But still we think this wealth transfer from the US to Asia will continue. Our region is not dependent, unlike in 1997, or before 1997, on foreign capital. We can grow with our own capital…

    ..We will choose the perfect timing when geopolitical tensions are such that they are very conducive to an economic crisis in the United States. And relatively speaking, we will do better. We will also suffer but far less than in the western world.