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ECONOMY

Interview: ADB to discuss appropriateness of loans to China

  • December 5, 2019
  • , Jiji Press , 5:12 p.m.
  • English Press

Tokyo, Dec. 5 (Jiji Press)–Asian Development Bank President-elect Masatsugu Asakawa plans to discuss with loan recipient countries the issue of offering financing to countries with comparatively high personal incomes, such as China.

“I want to discuss the matter face to face in a respectful manner,” Asakawa, a former Japanese vice finance minister for international affairs, said in an interview on Wednesday.

He also said the ADB will strengthen efforts to fight poverty and correct economic gaps.

Some people criticize China, whose income standards have risen, for receiving loans from the ADB while providing financing to low-income countries.

In November, the ADB decided to raise its lending rates for high-income countries such as China.

Asked when financing for China will end, Asakawa said, “There’s no clear time frame, such as having China ‘graduate’ within a set number of years.”

Asakawa said the ADB will continue cooperative relations with the China-led Asian Infrastructure Investment Bank.

“It’s good for both of us that we continue cooperating to the extent that we can,” he said.

Asakawa expressed concerns that the Asian economy may suffer negative effects for a long time from U.S.-China trade friction.

“If needed, we’ll prepare to give prompt support under our framework to grant funds,” Asakawa said.

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