Caixin
Nov 20, 2018 06:55 PM
WORLD

China-Japan Projects Shouldn’t Burden Developing Nations With ‘Unmanageable’ Debt, Japanese Ex-Foreign Minister Says

Former Japanese Foreign Minister Yoriko Kawaguchi speaks during a panel discussion at the Bloomberg New Economy Forum in Singapore on Nov. 6. Photo: VCG
Former Japanese Foreign Minister Yoriko Kawaguchi speaks during a panel discussion at the Bloomberg New Economy Forum in Singapore on Nov. 6. Photo: VCG

China and Japan should avoid burdening developing countries with “unmanageable” debt, a former Japanese foreign minister told Caixin in a recent interview.

Yoriko Kawaguchi’s words come as China has faced accusations of creating “debt traps” abroad, while improving relations with Japan have led to bilateral cooperation plans in third-party markets.

During Japanese Prime Minister Shinzo Abe’s visit to Beijing in late October, Japan ended its official development assistance to China — which had lasted for nearly four decades — making way for the two to cooperate in third-party markets. Meanwhile, multiple entities from each side signed over $18 billion worth of agreements targeting such cooperation, some of which involve infrastructure projects.

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