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To: Alex who wrote (33980)	5/15/1999 11:42:00 PM
From: lorne	Read Replies (1) \| Respond to of 116823

People's Daily Accuses Washington of Pursuing Hegemony. China 1999.05.16¡@2:30am Taiwan time updated Taipei, May 15 (CNA) The People's Daily of mainland China Saturday published a commentary accusing the United States of pursuing hegemony. The commentary, titled "Evildoers Doomed to Meet Destruction," said that the US-led NATO bombing of mainland Chinese embassy in Belgrade on May 7 is an act of sheer aggression and is "nothing less than an international crime." The commentary said the United States has posed itself as the only superpower in the world and has wantonly used force against those countries which are "not obedient." It also said that "Those who do unjust are doomed to destruction," and that the pursuit of hegemony by the US-led NATO will eventually end in failure. The People's Daily is the central organs of the Communist Party of China. The commentary was reported in English Saturday by another mouth piece of mainland China, the official Xinhua News Agency. chinatimes.com.tw

To: Alex who wrote (33980)	5/16/1999 10:06:00 AM
From: goldsnow	Read Replies (1) \| Respond to of 116823

Strains show at Apec China's Finance Minister Xiang dons traditional Apec casual shirt Japan has offered fresh funds to help Asian countries hit by the financial crisis, but developing and industrial countries failed to agree a programme of reform at the Apec meeting in Malaysia. Finance ministers from 21 Asia-Pacific countries gathered at the weekend to discuss measures to help restore confidence in a region that is still recovering from the financial storms of the past two years. Meeting on the tropical island of Langkawi, they warned that the recovery was still fragile. "The financial crisis in the region has abated and there are signs of a return of investor confidence .. more serious challenges remain, particularly in restructuring the financial and corporate sectors, and dealing with the effects of the crisis on the poor and vulnerable," the ministers said. Japan to the rescue Japan's pledge of $17bn in loan guarantees is designed to help that corporate restructuring. The plan will help countries which have had their credit rating reduced get access to funds more cheaply to rebuild their economies by issuing Asian bonds. "We will be able to facilitate the second stage of their reconstruction," Japanese finance minister Kiichi Miyazawa said. Mr Miyazawa would like countries which take part in the loan scheme to peg their currencies to a basket of currencies, including the yen, the dollar and the euro. "Full or partial currency unification .. represents a viable solution to the exchange rate regime question," he said. US opposition But the United States is strongly against any further fixed currency tie, believing that it was the artificial link between the dollar and some Asian currencies that precipitated the crisis. US Treasury Secretary-designate Lawrence Summers warned Asian delegates against relying too much on the US economy as they recover from recession. He said that Apec countries should further open up their markets and continue structural reforms to ease the pressure on Washington. And he said that he would continue the strong dollar policy of his predecessor Robert Rubin, who resigned last week. "As Secretary Rubin and I have both said many times, a strong dollar is very much in America's national interest," he said. "Experience suggests that nations cannot devalue to gain prosperity." No agreement on rules There was even less agreement on the need for rules to regulate the volatile capital flows that had destabilised many Asian economies. Malaysia, with support from Hong Kong, argued for controls on speculation and hedge funds, which they blame for the 1997 financial crisis. Blaming the speed, quantity and unpredictability of international capital flows, Malaysia wants indirect regulation via creditors, to prevent hedge funds from causing further disruption. Other countries, led by the US, insist that Asian economies have to raise the standards of their banking systems and make financial institutions more transparent. "The U.S. is of the opinion that currency speculation is stabilising. Our view is that short-term capital is destabilising. This is one issue where we are poles apart," said Malaysian Deputy Finance Minister Mustapa Mohamed. Nobody is saying there shouldn't be any rules," one senior delegate said after the final session Sunday afternoon. "But there is not yet consensus on how to write them and what would be the right way to do things." In the end, Apec asked the International Monetary Fund to study the issue. It should "consider further the issue of appropriate exchange rate arrangements" taking into account the "recent experience of members". The recommendations will be considered at the next meeting of Apec heads of state, which will take place in New Zealand in September. The Apec countries, which account for 60% of world trade, include Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States and Vietnam. news.bbc.co.uk