An article in China's official People's Daily newspaper, has called into question America's commitment to helping East Asian countries out of their financial difficulties. Saying the US is acting in its own self-interest and is seeking to use the IMF bail-out to impose its own political and economic model on Asia. The article reflects continuing concerns in Beijing at the US role in the region, as well as over the impact of opening China's own markets. As Duncan Hewitt reports from Beijing:
The People's Daily article may be in the form of an opinion piece on an inside page rather than the more authoritative front page editorial, but it's an reminder that despite improving relations between China and the US, suspicion about Washington's global ambitions remain. The article says the Asia financial crisis has highlighted changes in US policy towards Asia.
It suggests Washington now sees its traditionally Cold War allies in the region, increasingly as an economic threat. It compares the US's swift bail-out of Mexico three years ago, with its sluggish reaction to Thailand's financial crisis last year and it says Washington was not unhappy to see pressure on competitive Asian economies, with which it has trade deficits and disputes over market access.
It suggests the US joined in the regional bail-out only after it saw a threat to its self-interest. Not just from a further decline in its exports to Asia or from cheaper imports, but from the removal of Asian investment in the US, which is says could cause financial chaos.
The article argues that the US aid is tied to the imposition of its own political and economic model on Asia countries and it says the IMF enforcement of what it calls the bitter pill of further market opening, serves Washington's purposes. China has itself contributed to the IMF bail-out of Thailand and has pledged assistance to Indonesia, but the article highlights a continuing debate about the impact of economic globalisation, amid fears that the kind of changes demanded by the US for Beijing's accession to the world trade organisation, will make China more vulnerable to just the sort of financial crisis now affecting its Asian neighbours.