Climate change should figure as large as the US$15 billion Marshall Plan enacted by the US to help rebuild a war-shattered Europe. But there is no such plan, only a naive reliance on private-sector initiatives. It cannot be left to markets to decide how trillions in savings should be deployed against climate change.
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People wearing masks cross a street in Tokyo, Japan, on May 18. A nation which once seemed poised to become the world’s leading economic power has instead seen export volumes fall despite a weak yen. Photo: AP
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Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London
Chinese and Japanese households have huge amounts of savings, and both countries see the need to deploy those assets more effectively. This is with an eye to boosting their roles as financial centres and the transfer of asset management technology.