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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2766)	3/11/2004 1:38:38 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Japan slashes aid to China, India gets top ODA spot By Teruaki Ueno TOKYO (Reuters) - Faced with a tight budget and China's robust growth, Japan will cut loans to Beijing for a third straight year, replacing the Asian giant with India as the top recipient of its foreign aid, officials said on Thursday. Japan plans to scale back loans to China by 20 percent to around 96.7 billion yen ($872.1 million) in the fiscal year to March 31, Japanese Foreign Ministry officials said, adding that the exact figure would be fixed by the end of the month. That would be far less than half of the record 214.4 billion yen given three years ago and take place China to third place. It is the third straight year that Japan is cutting loans to China. India, one of the world's poorest countries, is set to receive 120 billion yen in loans to fight poverty, help boost its economy and improve its infrastructure to lure foreign investors. Indonesia will become the second largest recipient of Japan's loans after receiving 104.6 billion yen in loans from Japan in the current fiscal year, the officials said. Officials cited Tokyo's tight fiscal condition, China's robust economic growth and a shift in the focus of development projects as the reason behind the cuts in aid for Beijing. "It is not that the strategic importance Japan attaches to China is shrinking in relative terms," a Japanese Foreign Ministry official told reporters. reuters.com