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Home >> Business
UPDATED: 09:58, March 30, 2005
Use of Yen-loan changed
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On March 29, Chinese Deputy Foreign Minister Wu Dawei and Japanese Ambassador to China Koreshige Anami signed the Yen-loan ODA (official development aid) for 2004 in Beijing. The Yen-loan for the period between April 1, 2004 and March 31, 2005 is 85.875 billion yen (some 800 million USD0, a reduction of 11 percent from the previous year.

The interest rates for the loan is 0.75 percent to 1.5 percent and the repayment term is 30 to 40 years.

The loan will be invested on 6 environmental protection projects and 1 personnel training program in mid-west China, including: 39.804 billion yen on water treatment in Shaanxi, Hunan and Guizhou, 34.495 billion on urban environment in Shaanxi, Inner Mongolia, and Xinjiang, 6.503 billion on forestation in Sichuan and 5.073 billion on talents training in Inner Mongolia.

Japan's Yen-loan to China used to be invested on infrastructure and energy. Consultations on the timetable for a halt of the Yen-loan has been under way since Japan said it would stop the loan last December.

Actually the Yen-loan has been cut by more than 20 percent annually since 2000. In 2003, the amount was slashed to less than half of the highest sum ever.

Japan began to grant ODA to China in 1979, including Yen-loan, grand aid and technical cooperation. As Chinese Foreign Ministry Spokesman Liu Jianchao said, the Yen-loan to China is a capital cooperation on the basis of mutual benefit and reciprocity against a special political and historical background.

By People's Daily Online

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