Despite U.S. opposition, China is winning back the confidence of world financiers. At the Asian Development Bank (ADB) meeting in Hong Kong on May 4, the Export-Import Bank of Japan disclosed a $5 billion loan to China to finance more than two dozen energy-related projects. The deal marks the first major financial aid to China since the Tiananmen Square crackdown in 1989. U.S. officials suggest that China, which runs a $12 billion surplus with the U.S., does not need loan concessions. The U.S. also rejected calls by Japan and other ADB members to add roughly $30 billion to ADB's capital on grounds that some of it was earmarked for China.
EDITED BY STANLEY REED