1st JPY Loan to 4th JPY Loan
Japan's yen loans to China were provided on an inter-annual basis until FY2000 (1st JPY Loan to 4th JPY Loan), and on a single-annual basis after FY2001. The inter-annual method is characterized by the pre-determination of the total amount of loans to be provided in a number of years in line with China's Five-Year Plan, while the single-annual method is characterized by the selection of loan projects each year on the basis of the "List of Candidate Projects for Japanese Yen Loans".
The first yen loan (for the five-year period 1979-83) was promised by Prime Minister Taihei during his visit to China in December 1979, with a total loan amount of 330.9 billion yen, which was divided into a "Project Loan" (20.9 billion yen), which was mainly for railroads and harbor construction, and a "Commodity Loan" (20.9 billion yen), which was mainly for the construction of railroads and harbors. The total amount of the loan is 330.9 billion yen, which is divided into "project loans" (2009 billion yen) and "commodity loans" (130 billion yen), mainly for railroad and harbor construction. The loans have an interest rate of 3 percent and a repayment period of 30 years (with a grace period of 10 years in which the principal and interest can be waived for the first 10 years).
The target of the "project loan" includes six projects, including the construction of Shishoushou Port and the Tui Zhou-Shishoushou Railway, the Beijing-Qinhuangdao Railway Expansion Project, the railroad between Guangzhou and Hengyang and the construction of the Qinhuangdao Port, and the construction of the Wuqiangxi Hydroelectric Power Plant, etc. The "commodity loan " were mainly used for the import of machinery and equipment for Baosteel and Daqing Petrochemical. For Japan, Shishuosho and Qinhuangdao ports are important strongholds for importing Chinese energy, especially coal, and the Tui Zhou-Shishuosho Railway and the Beijing-Qinhuangdao Railway are the paths to these two ports.
The second JPY loan (for the six-year period 1984-89) was committed by the Cabinet of Nakasone (Yasuhiro) in March 1984, totaling 470 billion yen, including 70 billion yen in "black-letter reflux loans" (loans to developing countries that the Japanese government pledged to the international community in order to reduce the balance-of-payments surplus).
The total amount of the loan was 470 billion yen, including 70 billion yen for 16 construction projects such as railroads, ports, communications, and electric power, etc. The interest rate of the loan was 3.0-3.5% before 1987, and was lowered to 2.5% after 1988, taking into account that the yen's appreciation had increased the repayment burden of the recipient countries, and the repayment period was the same as that for the first yen loan, which was for 30 years (of which the grace period was 10 years).
The 3rd JPY loan (6-year period 1990-95) was committed by the Takeshita (Deng) Cabinet in August 1988, totaling 810 billion yen (of which 40 billion yen was the "black-letter reflux loan"), mainly for 42 construction projects such as electric power, railroads, ports, airports, roads, communications, urban construction, agriculture, and so on. The loan is mainly used for 42 construction projects (including two "Black Letter Repatriation Loan" projects) such as electricity, railroads, ports, airports, roads, communications, urban construction, agriculture, etc. The interest rate of the loan is 2.5%. Loan interest rate of 2.5% (1990) and 2.6% (1991-93), the repayment period with the first and second yen loan for the same 30 years (including a grace period of 10 years).
The 4th JPY loan (for the 5-year period from FY1996 to FY2000) was committed by the Murayama (Tomiichi) Cabinet in December 1994, with a total loan amount of 970 billion yen, mainly for 48 construction projects such as railroads, airplanes, ports, agriculture and water conservancy, and the environment, etc. The interest rate on the loan in FY1996 and FY1997 was 2.3 percent (2.1 percent for the relevant environmental projects), and in FY1998 it was 2.1 percent. The interest rate was 2.3% in 1996 and 1997 (2.1% for environmental projects) and 1.8% in 1998 (1.3% for environmental projects and 2.75% for some projects), and the repayment period was the same as that of the 1st to 3rd yen loans, which was 30 years (with a grace period of 10 years).
Adjustment of the yen loan policy to China since 2001
In October 2001, the Japanese government formulated the "economic cooperation plan with China", according to the "plan", Japan's yen loans to China in addition to changing the way of providing, but also adjust the loan In addition to changing the way of providing, but also adjusted the loan target areas and reduce the size of the loan. The scale of the loan (the amount committed by the government in exchange of letters) has been greatly reduced from the year 2001 onwards, including 161.4 billion yen in the year 2001 (24.7% less than the previous year), 121.2 billion yen in the year 2002 (24.9% less than the previous year), 96.7 billion yen in the year 2003 (20% less than the previous year), 85.9 billion yen in the year 2004 (11.2% less than the previous year), and 85.9 billion yen in the year 2004 (11.2% less than the previous year), which is a significant reduction from the previous year. (11.2% less than the previous year), and in FY2005, it dropped to 74.8 billion yen, about one-third of the amount in FY2000 (214.4 billion yen).
FY2001-05 saw 44 projects (15 projects in FY2001, 8 in FY2002, 6 in FY2003, 7 in FY2004, and 8 in FY2005) focusing mainly on environmental protection, poverty alleviation, and human resource development. In terms of regional distribution, 42 of the above 44 projects were used in the central and western regions, accounting for 95% of the total number of projects, Beijing and Liaoning Province each accounted for one project, all of which were environmental protection projects.
According to Japan's Ministry of Foreign Affairs, as of the end of 2005, the Japanese government's ODA to China amounted to 343.6 billion yen, of which paid financial cooperation (yen loans, according to the government's exchange of letters of commitment) is about 313.31 billion yen, non-reimbursable financial assistance (calculated on the basis of the commitment amount) of 147.2 billion yen, technical cooperation (calculated on the basis of the actual amount of expenditure of the Japan International Cooperation Agency (JICA)), and technical cooperation (calculated on the basis of the actual amount of expenditure of the Japan International Cooperation Agency (JICA)). (calculated on the basis of the actual amount of funds spent) was about 155.8 billion yen (see attached table).
Exhibit Japan's Economic Cooperation with China (ODA) Amount Shifted
Year (Year) Amount of Government Exchange of Notes Commitment (in billions of yen) Amount of Net Expenditures (in US$1 million)
Non-reimbursable Funding Cooperation Technical Cooperation Reimbursable Funding Cooperation Total Non-reimbursable Funding Cooperation Technical Cooperation Reimbursable Funding Cooperation Total
1979 1.1 280.6 281.7 2.6 2.6
1980 6.8 4.5 379.4 390.7 - 3.4 0.9 4.3
1981 23.7 10.2 1000.0 1033.9 2.5 9.6 15.6 27.7
1982 65.8 19.8 650.0 735.6 25.1 13.5 330.2 368.8
1983 78.3 30.5 690.0 798.8 30.6 20.5 299.1 350.2
1984 54.9 26.8 715.0 796.7 14.3 27.2 347.9 389.4
1985 59.0 39.5 751.0 849.5 11.5 31.2 345.2 387.9
1986 69.7 48.1 806.0 923.8 25.7 61.2 410.1 497.0
1987 70.3 61.9 850.0 982.2 54.3 76.0 422.8 553.1
1988 79.6 61.5 1615.2 1756.3 52.0 102.7 519.0 673.7
1989 57.0 40.5 971.8 1069.3 58.0 106.1 668.1 832.2
1990 66.1 70.5 1225.2 1361.8 37.8 163.5 521.7 723.0
1991 66.5 68.6 1296.1 1431.2 56.6 137.5 391.2 585.3
1992 82.3 75.2 1373.3 1530.8 72.1 187.5 791.2 1050.8
1993 98.2 76.5 1387.4 1562.1 54.4 245.1 1051.2 1350.7
1994 78.9 79.6 1403 1561.9 99.4 246.9 1133.1 1479.4
1995 4.8 73.7 1414.3 1492.8 83.1 304.8 992.3 1380.2
1996 20.7 98.9 1705.1 1824.7 25.0 303.7 533.0 861.7
1997 68.9 103.8 2029.1 2201.8 15.4 251.8 309.7 576.9< /p>
1998 76.1 98.3 2065.8 2240.2 38.2 301.6 818.3 1158.2
1999 59.1 73.3 1926.4 2058.8 65.7 348.8 811.5 1226.0
2000 47.8 82.0 2144.0 2273.8 53.1 319.0 397.2 769.2
2001 63.3 77.8 1613.7 1754.8 23.0 276.5 386.6 686.1
2002 67.9 62.4 1212.1 1342.4 54.9 265.3 508.5 828.7
2003 51.5 61.8 966.9 1080.2 72.6 300.1 387.0 759.7
2004 41.1 59.2 858.8 959.1 50.8 322.8 591.1 964.7
2005 14.4 52.1 - 66.5 34.0 235.7 794.5 1064.3
Cumulative 1471.7 1557.6 31330.6 34359.9 1110.3 4664.3 13776.8 19551.4
Note: The amount of the government's exchange of letters commitment is the figure for the fiscal year of Japan (April to March of the following year), where the figure for technical cooperation is the actual expenditure of JICA (Japan International Cooperation Agency). The figures for technical cooperation are the actual expenditures of JICA (Japan International Cooperation Agency) (excluding the expenditures for technical cooperation and acceptance of foreign students implemented by the central ministries of Japan). 2005 yen loans were not counted as part of the FY2005 statistics because the exchange of letters with the government took place in June 2006.
The amount of net expenditures is the figure for the calendar year. Due to rounding, the total amount does not necessarily equal the sum of the amounts for each year.
Source: Ministry of Foreign Affairs of Japan, "ODA White Paper" and "ODA Country Database" by year.
The original figures for net expenditures are from OECD/DAC statistics.
According to OECD (Organization for Economic Co-operation and Development)/DAC (Development Assistance Committee) statistics, the cumulative amount of Japan's net ODA expenditures to China as of the end of 2005 was US$19.551 billion, of which the reimbursable financial cooperation (yen loans) amounted to about US$13.777 billion, the non-reimbursable financial assistance to about US$1.11 billion, and the technical cooperation to about US$4.664 billion (See attached table).
Also according to China's Ministry of Foreign Affairs, from 1979 to June 2006, the Japanese government has committed a total of about 3,207,854 million yen in yen loans (the agreed amount) to China for the construction of 242 projects. As of the end of May 2006, China's actual use of yen loans of about 2,386,413 million yen, Japan's yen loans to China accounted for about 50% of China's utilization of foreign government loans.
As of 2005, China*** had received a cumulative total of 137.6 billion yen (about 1.25 billion U.S. dollars) in non-reimbursable aid from Japan, which was used for the construction of 136 projects involving environmental protection, education, poverty alleviation, medical care and other fields. In addition, the Export-Import Bank of Japan (now the Japan Bank for International Cooperation (JBIC)) has provided China with "black-letter repayment loans" twice, in 1988 and 1994, *** amounting to 140 billion yen.
In China's development assistance, by the World Bank and the Asian Development Bank and other international financial institutions to provide preferential loans accounted for a considerable proportion of Japan is one of the main contributors to these international financial institutions, if this part of the funds are also counted, China's acceptance of funds from the Japanese government will be higher than the above figures.
China has long been listed as one of Japan's "top aid recipients" since Prime Minister Ohira (at the time) stated in 1979 that "Japan will cooperate to the fullest extent possible with China's modernization efforts" (Japan's Ministry of Foreign Affairs ODA White Paper, 1999 edition). (Ministry of Foreign Affairs of Japan, ODA White Paper, 1999 edition). In fact, Japan's ODA to China, although a late start, but in the early 1980s, China has surpassed Indonesia and become the largest recipient of Japan's ODA, 1987 years later China has repeatedly won the title.
With the development of China's economy, Japan's financial situation and changes in Sino-Japanese relations, China and Japan have agreed in principle to hold the Beijing Olympics in 2008, Japan terminated the provision of new yen loans to China. On the other hand, the Japanese side said that for technical cooperation other than yen loans, non-reimbursable financial cooperation in "grassroots" (private) and specific fields, and non-reimbursable financial cooperation in culture, etc., it will "actively utilize them, focusing on projects in the fields of poverty alleviation, environmental protection, and other areas of reciprocity, as well as those that will help Chinese nationals to enhance their understanding of Japan". We will actively utilize them.