Japan Urges China to Stop Taking ADB Loans

Politics

Nadi, Fiji, May 2 (Jiji Press)--Japanese Finance Minister Taro Aso said Thursday he told his Chinese counterpart, Liu Kun, that China should no longer depend on loans from the Asian Development Bank.

China must "graduate from" ADB loans, Aso told a press conference after holding talks with Liu on the sidelines of an annual ADB conference that opened in the Fiji resort city of Nadi on the same day.

The Japanese finance minister finds it problematic that China, while taking loans from the ADB as a developing country, makes excessive loans to emerging economies, forcing some of them to face repayment difficulties.

By criticizing such a stance taken by China, Aso apparently aims to pave the way for the ADB to reduce its loans to China and allocate more funds to emerging countries that need financing for infrastructure development.

With regard to China's One Belt, One Road regional development initiative, how to enable low-income countries to continue repaying their loans has become an issue.

[Copyright The Jiji Press, Ltd.]

Jiji Press