Beijing said Friday's ceremony in the Norwegian capital, where the prize was presented in absentia to the imprisoned democracy activist, was "political theatre" and a product of a "Cold War mentality".
"Honouring someone the government dislikes may serve to embarrass China in this year's case, but that is almost all," the China Daily, an English-language government mouthpiece said in an editorial on Saturday.
"Embarrassing as it may be, the fanfare in Oslo offers a rare opportunity to update and enrich the diplomatic outlook of ordinary Chinese. Not everyone in the world wants China's social and political stability to continue."
Liu, a writer who has advocated political reform in China for more than two decades, was jailed in December 2009 for 11 years on subversion charges after co-authoring Charter 08, a bold petition calling for change.
Beijing has reacted with fury to the award, describing the Norwegian Nobel Committee as "clowns" and threatening that countries would face unspecified "consequences" if they did not stay away from the ceremony.
It also barred the jailed dissident or his representative from travelling to Oslo to receive the award.
The China Daily editorial played down the prize's significance, saying the award was "hardly worth the fuss and hoopla".
"Quite a few Westerners cherish the naive hope that the prize will 'enlighten the Chinese on human rights' and instigate the changes they wish to see in the country," the editorial said.
"They have been too preoccupied with their own fantasies to realise what is happening in the real world," it added.
"It's unimaginable that such a farce, the like of which is more commonly seen in cults, is being staged on the civilised continent of Europe," the state-run Global Times said in an earlier commentary.
Foreign Ministry spokesperson Jiang Yu, speaking as the ceremony to award the 2010 Peace Prize to Liu was taking place in Oslo, said the event "cannot represent the overall majority of the people of the world".
She reiterated Beijing's insistence that the award to Liu was an attempt to foment unrest in China and bring political instability to the world's most populous nation.
"This kind of political theatre will never shake the determination and the confidence of the people of China to uphold the road of socialism with Chinese characteristics."
Nobel Committee chairperson Thorbjoern Jagland placed this year's peace prize on an empty chair on Friday as last year's laureate US President Barack Obama led calls for Liu to be set free.
It was only the second time in the history of the prize that no one had been at the ceremony to collect the award.
The first time was in 1936 when German journalist and pacifist Carl von Ossietzky was locked up in a Nazi concentration camp.
On mainland China, authorities blacked out coverage of the event, cutting off live broadcasts of the event by CNN and the BBC.
Many dissidents were either unaccounted for or under strict surveillance ahead of the ceremony, rights groups said.
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