There can be marriage between socialism and capitalism after all. China, since the early '90s, showed it can be done. Today, amid setbacks in grappling the melamine menace, the world slowly comes to grips with the realization that socialism may just be the shot in the arm that capitalism desperately needs.
Herewith is an article bannered today by different media organizations around the world including Einnews, Channel News Asia, Canadian News, Today Online and our own Philippine Daily Inquirer.
Comrades, the current challenge is how to consummate this marriage in the Philippine political landscape. Read on and ponder.
Communist giant may save capitalism
Philippine Daily Inquirer
First Posted 02:53:00 10/10/2008
SYDNEY—A cartoon on the front page of Australia’s national newspaper on Thursday neatly illustrates an irony admitted even by two of America’s staunch allies, Australia and the Philippines—that communist China could save capitalism.
The cartoon shows a Chinese man in a Superman outfit telling exactly that to a bankrupt, cigar-smoking Wall Street tycoon covering his nakedness in a barrel.
“Oh, you’re just loving this, aren’t you,” the fallen high-flyer replies in the cartoon in The Australian.
Amid turmoil in the world financial sector, the International Monetary Fund (IMF) predicted China’s economy would grow at more than 9.0 percent next year while much of the West faced recession.
That’s good news for Australia and also for the Philippines.
“China is now a major influence in the world economy and it’s significant that the IMF doesn’t downgrade its growth prospects,” Finance Minister Lindsay Tanner said.
“So we are well positioned to continue to sell an awful lot of exports to China and we believe that that’s one of the important factors that’s protecting Australia, to some extent, from the influences of the US financial crisis,” Tanner said.
Australia’s own economic boom has been driven for years by China’s insatiable demand for mineral resources, such as iron ore for steelmaking and coal to fire up its industries.
Tanner’s remarks followed those of Prime Minister Kevin Rudd who said: “China has a huge impact on the economies of the east Asia region, as well as the global economy.”
“My understanding is that China will continue to drive strong economic growth for its own national purposes, but that’s also good for countries like Australia because China is such a major trading partner of ours,” Rudd added.
The Australian officials’ comments found echo in the Philippines.
RP in good shape
Speaking in Manila, President Gloria Macapagal-Arroyo on Thursday said the Philippines had found new export partners mainly for its agricultural produce, helping cushion the impact of the US financial crisis on the Philippine economy.
Ms Arroyo said the leading destination of Philippine exports was now China. Also atop the list is Japan, she said.
“The US is no longer our top export market,” Ms Arroyo said in a speech at the “Agri-Link, Food-Link, and Aqua-Link” exhibition at the World Trade Center in Pasay City.
Ms Arroyo said any slowdown or even recession in the United States would not be good for the global economy.
“That said, the Philippines appears in relatively good shape,” she said.
Time to broaden markets
Ms Arroyo said the potential exposure of the Philippine banking sector to the asset deflation triggered by the subprime mortgage losses in the United States accounted for less than 1 percent of the total system assets in the Philippines.
“Our banks are well capitalized and the innate conservatism of our bankers is matched by the prudence of our regulators,” she said.
Ms Arroyo said this was the time for agri-business to exploit the financial liquidity of the country’s banking sector to expand its role in its niche markets.
She was particularly elated by the availability of “nonmainstream” products, such as mangosteen and papaya pastes, yogurt, civet coffee, goat’s milk soaps, the “Dory” fish, black tiger prawns, low-fat salad dressings, palm sugar and indigenous plants.
“All of these will appeal to different segments of local and foreign markets,” Ms Arroyo said.
She also said the Middle East could be a top destination for Philippine exports.
Reports from Christian V. Esguerra and AFP
Herewith is an article bannered today by different media organizations around the world including Einnews, Channel News Asia, Canadian News, Today Online and our own Philippine Daily Inquirer.
Comrades, the current challenge is how to consummate this marriage in the Philippine political landscape. Read on and ponder.
Communist giant may save capitalism
Philippine Daily Inquirer
First Posted 02:53:00 10/10/2008
SYDNEY—A cartoon on the front page of Australia’s national newspaper on Thursday neatly illustrates an irony admitted even by two of America’s staunch allies, Australia and the Philippines—that communist China could save capitalism.
The cartoon shows a Chinese man in a Superman outfit telling exactly that to a bankrupt, cigar-smoking Wall Street tycoon covering his nakedness in a barrel.
“Oh, you’re just loving this, aren’t you,” the fallen high-flyer replies in the cartoon in The Australian.
Amid turmoil in the world financial sector, the International Monetary Fund (IMF) predicted China’s economy would grow at more than 9.0 percent next year while much of the West faced recession.
That’s good news for Australia and also for the Philippines.
“China is now a major influence in the world economy and it’s significant that the IMF doesn’t downgrade its growth prospects,” Finance Minister Lindsay Tanner said.
“So we are well positioned to continue to sell an awful lot of exports to China and we believe that that’s one of the important factors that’s protecting Australia, to some extent, from the influences of the US financial crisis,” Tanner said.
Australia’s own economic boom has been driven for years by China’s insatiable demand for mineral resources, such as iron ore for steelmaking and coal to fire up its industries.
Tanner’s remarks followed those of Prime Minister Kevin Rudd who said: “China has a huge impact on the economies of the east Asia region, as well as the global economy.”
“My understanding is that China will continue to drive strong economic growth for its own national purposes, but that’s also good for countries like Australia because China is such a major trading partner of ours,” Rudd added.
The Australian officials’ comments found echo in the Philippines.
RP in good shape
Speaking in Manila, President Gloria Macapagal-Arroyo on Thursday said the Philippines had found new export partners mainly for its agricultural produce, helping cushion the impact of the US financial crisis on the Philippine economy.
Ms Arroyo said the leading destination of Philippine exports was now China. Also atop the list is Japan, she said.
“The US is no longer our top export market,” Ms Arroyo said in a speech at the “Agri-Link, Food-Link, and Aqua-Link” exhibition at the World Trade Center in Pasay City.
Ms Arroyo said any slowdown or even recession in the United States would not be good for the global economy.
“That said, the Philippines appears in relatively good shape,” she said.
Time to broaden markets
Ms Arroyo said the potential exposure of the Philippine banking sector to the asset deflation triggered by the subprime mortgage losses in the United States accounted for less than 1 percent of the total system assets in the Philippines.
“Our banks are well capitalized and the innate conservatism of our bankers is matched by the prudence of our regulators,” she said.
Ms Arroyo said this was the time for agri-business to exploit the financial liquidity of the country’s banking sector to expand its role in its niche markets.
She was particularly elated by the availability of “nonmainstream” products, such as mangosteen and papaya pastes, yogurt, civet coffee, goat’s milk soaps, the “Dory” fish, black tiger prawns, low-fat salad dressings, palm sugar and indigenous plants.
“All of these will appeal to different segments of local and foreign markets,” Ms Arroyo said.
She also said the Middle East could be a top destination for Philippine exports.
Reports from Christian V. Esguerra and AFP
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