As per the results of a survey conducted by Reuters, there is widespread scepticism on the Chinese initiative, with critics saying the project is an attempt to project Chinese influence overseas.
As per a Reuters poll, the vast majority of Japanese companies have little to no interest in participating in China’s “Belt and Road” strategy which is central for it in order to tap and generate increased business opportunities and make its presence felt in international economic co-operations.
In the monthly Reuters Corporate Survey, only 5% of the 220 respondents stated it would participate in the Chinese project, which has lofty aims of building trade links and infrastructure across China, central Asia, Europe and beyond.
Instead of participating in this debt-ridden endeavour, Japanese companies prefer either a free trade agreement (FTA) between Japan and the United States, or proceed with the Trans Pacific Partnership (TPP) without the United States or engage with economic cooperation with Russia.
“Will any projects pay? Can Japanese firms expect a level playing field when they compete with Chinese state-owned enterprises?” asked Toru Nishihama, chief economist at Dai-ichi Life Research Institute.
“A lot of questions remain unanswered. Under such circumstances, companies have no choice but to wait and see.”
Western officials along with their Japanese counterparts have expressed concern regarding transparency and access for foreign companies to the “Belt and Road” projects.
Last week, when Chinese President Xi Jinping gathered with only 29 other heads of state to promote what it portrays as a modern-day Silk Road, Japanese Prime Minister, Shinzo Abe, chose to not attend the meeting.
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