Japan aid turns to India from China

William Pesek JR

Booming China loses out to India as the leading recipient of Japanese aid loans

India is reaching an important milestone and it's doing it at China's expense. Asia's No 3 economy is overtaking its No 2 as the largest recipient of low interest-rate loans from Japan. It's a backhanded compliment for China. After 25 years of development aid from Japan, its economy is now deemed stable enough to need less help. Politics are a factor, too. It doesn't please some Japanese that their government subsidises China's boom. Japan is cutting loans to China by a fifth this fiscal year to ¥96.7bn ($873m), while offering India ¥120bn worth of assistance, ¥9bn more than last year, to...