Japan calls on Asian Development Bank to reduce loans to China | The Japan Times
4 May 2019 12:58 PM IST
Finance Minister Taro Aso called on the Asian Development Bank on Saturday to scale back easy money to countries like China that have developed to the poin
- "ADB should hold substantive discussions on a concrete path toward graduation while prioritizing its assistance in areas conducive to graduation," Aso said in a speech at the bank's annual conference.
- China accounted for 12 percent of ADB's contracts in 2018, second only to India.
- Critics have also pointed to China's large amount of lending to developing economies through its "Belt and Road" infrastructure initiative which has saddled some countries with significant debt.
- The World Bank, whose largest contributor is the United States, is set to cut back its loans to China, while Japan ended its official development assistance to the country in March.
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