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LDP to announce its position on AIIB on June 3

  • 2015-04-23 15:00:00
  • , Sankei
  • Translation

(Sankei: April 23, 2015 – p. 2)

 

 The Liberal Democratic Party decided on April 22 to announce its position on whether to join the China-led Infrastructure Investment Bank (AIIB) on June 3. Within the party, support for the government’s decision to shelve participation is mounting, which will be likely reflected into recommendations that it will submit to the government. Japan and China are scheduled to hold dialogue between their financial authorities on June 6. The party’s stance may affect the government’s decision.

 

 Participants at a joint meeting convened by the party’s Foreign Affairs Division, Treasury and Finance Division and other groups mostly called for exercising caution to join the Chinese initiative. One participant said: “The AIIB is an extension of China’s communist party control.” Another noted: “The AIIB will not be able to wield influence as long as Japan and the U.S. do not join.”

 

 The LDP also plans to hold a meeting with the three industry lobby groups in early May and will come up with a view based on this. “We did not expect so many people to oppose the AIIB,” said a senior party member. “Our view will be formed in line with this.”

 

 Takehiko Nakao, president of the Asian Development Bank, was also invited to the meeting as a lecturer and stressed that the institute has made great contributions to help developing economies with infrastructure projects. “The ADB continues to play a significant part,” he said. He also indicated that the ADB will carry out reforms to beef up its lending capabilities and expedite procedures.

 

 Nakao stopped short of making direct comments on the AIIB. But he noted: “The ADB will not be eliminated.” He added that the organization will look for ways to cooperate in lending etc. with the AIIB.

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