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EXCLUSIVE: LDP to call for economic security promotion law

  • September 27, 2020
  • , Jiji Press , 4:52 p.m.
  • English Press

Tokyo, Sept. 27 (Jiji Press)–Japan’s ruling Liberal Democratic Party is set to call on the government to craft a comprehensive law for helping the whole society, including the private sector, work for the promotion of economic security, Jiji Press has learned.


The request is included in an interim report compiled by the party’s strategic headquarters on the creation of a new international order. The panel is working to formulate a national strategy on economic security.


The LDP plans to formalize its proposals on the matter by year-end for submission to the government.


On recent developments in the international community preparing for the era after the novel coronavius pandemic is brought under control, the interim report says that “countries are trying to find how the international order will be,” citing the growing U.S.-China tensions as an example of such moves.


Apparently keeping China in mind, the report warns, “A new international order with emphasis on digital technology-based monitoring of society and state capitalism is on the rise.”


“Our country needs to draw up an economic security strategy,” it adds.


Besides the economic security promotion law, strategies for each region and sector should be established, it says.


The report says that Japan should strengthen its collaboration with other countries in order to fortify its information-gathering capabilities, including seeking to join the Five Eyes, a framework for sharing sensitive information among the United States, Britain, Canada, Australia and New Zealand.


To play a greater role in the international rulemaking process, Japan should boost efforts to have more people from the nation and countries with close ties with Japan assume senior posts at international organizations, the report says.


Japan needs to aggressively invest its resources in research and development on sixth-generation, or 6G, new cutting-edge wireless communications technology in cooperation with Western countries, with the aim of rolling out the world’s first 6G products and having them adopted as international standards, the report says.


The report also calls on Japan to set a law for promoting the use of industrial data ahead of other countries, as well as introduce a central bank digital currency early and facilitate its use by working closely with Western countries.


The Japanese government was also urged to beef up its response to possible fake news, step up resources exploration in Japan’s exclusive economic zones and revise the special measures law against influenza in preparation for a new infectious disease outbreak.

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