JCP parliamentarian discusses economy with Kansai business leader

A Japanese Communist Party member of the House of Councilors on April 19 discussed ways to recover the nation's economy with a top official of the Kansai Association of Corporate Executives, a leading business organization based in Osaka.

Yamashita Yoshiki, JCP Dietmember from Osaka, talked with Hagio Chisato, the Managing Director and Secretary General of the business association.

The JCP requested the meeting as part of its effort to explain and discuss the JCP's emergency economic package for the nation's economic recovery.

The JCP proposes a cut in the consumption tax rate to three percent from the present five percent and regulations on corporate "restructuring" in its economic proposals to get the economy back on a recovery track.

Hagio admitted that differences persist between the JCP and the association over ways to boost personal consumption, but said he agreed with such a policy that prioritizes business recovery over the disposal of non-performing loans. Otherwise, bad loans will not be reduced but continue to increase, he added.

The talks also covered the economies in Asian countries based on lower costs, including their low wages, and the way for economic co-existence with prosperity between them and Japan.

Concerning capital transfer from Japan to China and other countries, Hagio criticized corporations' unilateral overseas development for profits and emphasized the need for Japan to contribute to the development of local economies of the host countries and to the development of the domestic economy as well. It should be thoroughly discussed, Hagio said. (end)