Infrastructure Projects: Infrastructure and Debt Relief

infrastructure projects: In addition to the rules for ensuring transparency and responsible financing, Japan hopes to adopt the principle of ensuring openness of facilities without imposing restrictions on usage and economic efficiency by making infrastructure durable enough for long-term use, the sources said, according to The Japan Times. With Japan-China relations continuing to improve, Tokyo also expects the new rules to lay the groundwork for deeper cooperation between the two in foreign infrastructure projects. Some of Beijing's infrastructure financing projects have been criticized for burdening recipient countries with debts they can't repay, forcing them into concessions in exchange for debt relief. ; China has not openly opposed Japan's proposal in working-level preparatory meetings, but government sources said it is too early to say whether Beijing is willing to accept the proposed rules to increase transparency of contracts and give due consideration to the debt repayment capacity of countries receiving investments. Prime Minister Shinzo Abe is shifting toward conditional cooperation with Chinese President Xi Jingping's Belt and Road infrastructure initiative under which Beijing wants to expand infrastructure networks in Asia, the Middle East, Europe and Africa to achieve its goal of connecting nations along the ancient Silk Road trade routes. Leaders of some major countries attended the second summit of the Belt and Road forum held through Saturday in Beijing. China has been bolstering its economic clout with foreign investments, signing a memorandum of understanding with Italy last month to jointly advance the Belt and Road projects, the first time Beijing has struck a deal under the cross-border initiative with a Group of Seven industrial power. (news.financializer.com). As reported in the news.