Japan to Lend Money to China Again
Japan today announced the resumption of a development loan program for China that has been frozen since the brutal suppression of pro-democracy protests in Beijing last year.
Japan will make available up to $283 million to China for seven projects in an effort “to contribute to economic stability and to promote the economic modernization efforts of the country,” the Foreign Ministry said.
The funds are part of a five-year package of development loans to China totaling $6.28 billion. The money was frozen by Tokyo to condemn China’s crackdown on the pro-democracy protests in June, 1989.
But in July, Prime Minister Toshiki Kaifu promised to gradually resume the loans, putting Japan ahead of Western industrialized nations in relaxing sanctions on China.
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