French press review 27 October 2016

Critics brand President Hollande's spectacular"jobs' month too little, too late. Warning bells ring in France as China stretches its influence over the economy.

 Francois Hollande creating jobs?

The rare boost given to President Francois Hollande by the plunge in jobless figures wasn't expected to go down well with the conservatives locked in presidential primaries. Judging from some of the comments published in the right-wing papers this morningits clearly in their minds.

Les Echos for example describes the government's statistics showing that up to 66000 job seekers returned to the job market as subjective reading of the economy for political motives.

In percentage terms, September's drop is 1.9 percent - the largest since November 2000.

Yet, the economic newspaper, insists that it all depends on where you place the cursor. According to Les Echos, President Hollande re-adjusted his own to fit his favourite line that "things are getting better even if the situation is not rosy for everyone.

The paper defends its opinion stating that it will not be driven by an argument about a half full or half empty class but about the imperative to be credible on an issue of such importance.

 L'Humanité scorns President Hollande's friends such as ex-Labour Minister François Rebsamen and government spokesman Stéphane Le Foll forcelebrating the so-called small figures as if it was a major victory.

According to the publication it is a very strange reaction from politicians claiming to belong to the left, people it says who spent the presidential term formulating social and economic policies that never won the approval of the vast majority of French citizens.

Facing the Chinese Dragon

Today's Le Figaro raises the issue of the Chinese takeover of the French economy wondering where the crushing presence of the dragon is going to end.

According to the right-wing newspaper, it's a mind-bogging question not just in France but also across Europe where public opinion is becoming jittery about the billions flowing from Beijing.

The paper says the inflow has forced the authorities in Paris and around the EU to set up special mechanisms aimed at protecting sensitive sectors of their economies.

Le Figaro underlines that for ordinary people, China is far from being exemplary on basic international trade principles such as transparency on the origin of funds invested, foreign access to its markets and respect of certain elementary norms.

The paper argues that there needs to be a kind of Maginot line and clear benchmarks to guarantee reciprocity between China and its preferred destinations - rules that France cannot enforce alone.

Scrapping the (ISF) Wealth Tax  

Le Parisien /Aujourd'hui en France mocks the French people for their dubious attitude towards the controversial solidarity tax on wealth,(ISF) after a new survey found out that a massive 72 percent of citizens are opposed to its abolition.

The levy concerns rich citizens with property exceeding 1.3 million euros. According to the study by Odoxa polling institute, 82 percent of respondents believe the most of the wealthy still manage to evade the levy while 75 percent of persons polled blame the tax for pushing some of the country's largest fortunes into exile.

"The French are really special, always prompt at fighting for irrational ideas" observes the publication. For Le Parisien, the cost of collecting the tax exceeds the revenue it generates.

Yet as it explains, it will continue to fuel a passionate debate between the Robin Hoods at the Ministry of Finance in Paris and right wing candidates standing in the Presidential election primaries vowing to repeal it when they come to power, despite knowing how hard it will be to scrap it.