Antalya, Turkey – Prime Minister Shinzo Abe has vowed to steer economic policy to drive global growth in an address to leaders from the Group of 20 major economies.
Speaking Sunday in Antalya, Turkey, where the G-20 summit is being held, Abe said that as a virtuous economic cycle had started working in Japan, the country had set ambitious goals to lift its nominal gross domestic product to ¥600 trillion and keep its population above 100 million.
He said he will work to provide greater child care and other social security support to Japanese people in an effort to have Japan contribute vigorously to global growth.
It is the first time Abe has explained his new economic priorities, which he calls the “three new arrows” of his “Abenomics” policy at a major international conference.
Describing the priorities — a strong economy, measures to raise the country’s low birthrate and assistance for people caring after family members — he apparently sought to counter overseas worries about Japan’s sluggish growth.
The prime minister also stressed past achievements of ‘Abenomics,’ saying tangible results included a rise in the number of female workers and higher wages.
The recently concluded Trans-Pacific Partnership free trade pact will have a positive effect on the Japanese economy, Abe said, adding that it will drive growth by improving productivity and revitalizing industry.
He also signaled the country’s readiness to cooperate with the China-led Asian Infrastructure Investment Bank in promoting regional infrastructure development, saying Japan will work together with both existing and new international financial institutions.
Referring to China’s slowing growth, Abe called for Beijing’s reform efforts to resolve imbalances and structural problems in its economy.
Separately on Sunday, Finance Minister Taro Aso and U.S. Treasury Secretary Jacob Lew agreed to cooperate for the early entry into force of the TPP deal with 10 other countries.
Aso revealed the agreement when he spoke to reporters following the meeting with Lew, which took place on the sidelines of the G-20 summit.
Lew appreciated Japan’s “constructive role” in working out the TPP joint declaration on macroeconomic policy coordination including on exchange rates, according to a statement issued by the U.S. Treasury Department.
Aso suggested that China needs drastic structural reforms, noting that its economy was like a company with excess liabilities.