ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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IMPORT-EXPORT POLICY-Alibis for Liberalisation

are with America. Under tremendous pressure from the US, Japan has been forced to concede many changes, at least in principle, and is toeing the US line in the ADB as well RESUMPTION OF CHINA LOANS American arm-twisting of its chief ally became apparent on the question of resumption of lending to China as well. This demand was torpedoed by the US at the ADB meeting, with the usual hypocritical declamation against the violation of human rights in China. Earlier this year, however, the World Bank had resumed lending to China, after the US indicated it would support measures that target 'basic needs'. Three loans totalling $ 140 million were approved. Now the World Bank is seeking the green light to resume normal lending to China, when two loans, for forestry and transportation, totalling $ 450 million will come up for approval by the board. Meanwhile, American president Bush also announced the renewal of Most Favoured Nation Status, which entitles China to the same treatment as most American trading partners, alter hundreds of American companies engaged in trade with China and Hong Kong campaigned vigorously in favour of extending it.

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