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International relations

Japan pushes Asian Development Bank to end China loans

Tokyo sides with US, saying world's No. 2 economy is now rich enough

China was among the top recipients of financing from the Asian Development Bank last year, but Japan says the institution's money would be better spent elsewhere. (Nikkei montage/EPA/Jiji)

TOKYO -- The Japanese government has urged the Asian Development Bank to stop granting new loans to China, on the grounds that the world's second-biggest economy is rich enough to "graduate" from aid, Nikkei has learned.

Tokyo has already ended its own official development assistance to China in fiscal 2018, and the ADB push aligns Japan with the U.S. -- the ADB's two top contributors -- on seeking cutbacks in multilateral lenders' aid toward China. Washington has argued for a similar change in lending policy at the World Bank.

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