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G7 leaders diverge on Japan's appeal for enlarging public spending

Xinhua, May 26, 2016 Adjust font size:

Leaders of the Group of Seven (G7) remained divergent on Japan's appeal for enlarging public spending to boost global economic growth, Prime Minister Shinzo Abe said Thursday after their discussion on global economy.

They agreed that the world economy still faces "serious risks," but the introduction of flexible finance policies should be based on each country's economic situation, according to Abe.

Meanwhile, on Japan's planned sales tax hike next year, Abe said current situation is like what happened before the 2008 finance crisis, hinting that there is a possibility to delay the move.

The prime minister had earlier said preconditions of the delay are "finance crisis similar to the 2008 Lehman crisis and disasters like the earthquake and tsunami in 2011." He also added that the outcome of the G7 summit will be a factor for his decision.

Japanese opposition parties have urged the Abe-led ruling bloc to postpone the planned consumption tax hike from current 8 percent to 10 percent next year after the country's Kyushu area was hit by a wave of strong earthquakes last month. Endit