Published: Mon, May 08, 2017
Economy | By Melissa Porter

Asian development lender takes stock as US policy shifts

Asian development lender takes stock as US policy shifts

Finance officials from Japan, China and South Korea agreed to resist all forms of protectionism in Friday´s trilateral meeting, taking a stronger stand than G20 major economies against the protectionist policies advocated by Trump.

Speaking at the 50th annual meeting of the regional development bank in Yokohama, Japan, Nakao said investment in infrastructure, particularly projects that incorporate advanced technologies, would be the bank's priority in the upcoming years, Efe news reported.

The ADB's annual meeting hosts about 6,000 government officials, academics, business officers and civil society representatives under the theme "Building Together the Prosperity of Asia".

The two countries' finance ministers are on the same page over the need for a bilateral currency arrangement, although Aso said it is more of a "political matter".

The two countries agreed to launch joint research on issues of mutual interest - without elaborating - and to report the outcomes at the next talks, which will be held in 2018 in China.

From Japan, Finance Minister Aso attended the dialogue where his Chinese counterpart Xiao Jie represented China.

The two ministers also agreed to hold the Seventh China-Japan Finance Dialogue in China next year.

The Asian Development Bank (ADB) on Sunday urged the USA to continue its investment in the bank amid uncertainty about Washington's commitment to multilateral entities.

Addressing China's excess capacity and debt was among the topics discussed, but they did not take up the North Korean issue, Japanese officials said.

Both sides recognized the necessity of promoting economic restructuring through enhancing communication on macroeconomic policies and agreed to maintain consultation on major worldwide economic and financial issues. It was significant that we reconfirmed the need for financial cooperation between the two countries, while sharing our experiences in dealing with economic policies and structural issues.

In 2012, Japan nationalised the uninhabited Senkaku Islands, known as the Diaoyu Islands in China, leading to widespread protests in China, who a year later introduced new air traffic restrictions over the East China Sea.

Abe's visit to the Yasukuni shrine, regarded by China as a symbol of Japan's wartime militarism has also infuriated both China and South Korea.

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