by Staff Writers
Tokyo (AFP) Oct 4, 2012
China and South Korea are expected to send their financial chiefs to meetings of the International Monetary Fund and World Bank in Japan, despite their diplomatic rows with Tokyo, officials said Thursday.
The Japanese government "expects" the finance ministers and central bankers of both nations will be at the annual gathering in Tokyo next week, a senior finance ministry official said.
There had been speculation that Chinese financial authorities planned to withdraw from the meetings after some private banks from the country pulled out of events on the sidelines of the conference.
IMF head Christine Lagarde said Tuesday that Japan and China need to show tolerance for the good of everybody, saying: "Both China and Japan are key economic drivers that do not want to be distracted by territorial division."
Tensions between Beijing and Tokyo remained high this week, with Chinese government ships returning to waters off the Japanese-controlled islands Tuesday and again on Wednesday.
Last week Japanese and Chinese diplomats clashed at the United Nations in New York over the ownership of the islands known as the Senkakus in Japan and the Diaoyus in China.
China is seeking a bigger say in world affairs, commensurate with its growing financial clout, but commentators say actions such as the withdrawal of its banks from the IMF-linked events undermine that ambition.
Relations between Japan and South Korea have also been hit after South Korean President Lee Myung-Bak paid a surprise visit to a different set of disputed islands in August.
Global Trade News
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Immigrant-led startups on the decline in US: study
Washington (AFP) Oct 2, 2012
The number of US high-tech startups founded by immigrants, which has long been a source of growth for the American economy, has begun to slip, according to a study released Tuesday. The study suggests that an "unwelcoming" immigration system is discouraging foreign-born entrepreneurs, a major source of tech startups in Silicon Valley and other technology centers. The Kauffman Foundation ... read more
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