Japan’s prime minister Fumio Kishida says the economic blueprint championed by his predecessor Shinzo Abe is insufficient to revive the world’s third-largest economy as the country faces a surge in COVID-19 infections.
Japanese Prime Minister Fumio Kishida and Klaus Schwab, founder and executive chairman of the World Economic Forum.“Abenomics achieved great results, but it is clear the efforts made thus far are not enough to transform the Japanese economy into a sustainable one. We will build on the achievements of Abenomics and boldly transform the Japanese economy,” Mr Kishida said.
Mr Kishida told the WEF meeting he wanted greater state involvement in the economy’s revival but said he would not sacrifice universal values such as democracy. He did not mention China by name, but warned about the risks of state capitalism.“Japan is determined to lead the global trend with this new form of capitalism and will demonstrate concrete examples of how capitalism can evolve, as Japan will assume the Group of Seven presidency next year,” Mr Kishida said.
His speech singled out North Korea’s missile tests but did not directly criticise China as he warned the security environment surrounding Japan was becoming “increasingly harsh”. He said US-China rivalry was intensifying but China’s economic power could “not be ignored”.
How strange, I would love to see the detail on this, he contradicts himself here, he says he want more government controls, yet he warns about state capitalism ? I suppose he could clarifying how far he wants to go with this, time will tell.
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