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Policy Proposals  Comprehensive Strategy Revitalizing the Japanese Economy through Private Sector Initiative and Contributing to the International Community: FY 2010 General Assembly Resolution

May 27, 2010
Nippon Keidanren

The world economy is emerging from the recession and returning to a growth path, bolstered by the Asian nations and emerging markets. Japan, however, has been unable to respond adequately to the changing trends of the times, and the domestic employment situation remains harsh amid deflation and low-level economic growth. The future outlook for Japan's economy and society remains unclear due to the critical budget deficit, wavering public confidence in the social security system, and declining.

At this time in particular it is critical that Japan remain undaunted in the face of the challenges before it. While keeping a close eye on world trends, we must revitalize our economy as soon as possible by taking bold initiatives with a sense of urgency and dynamism to address the issues outlined below, so that we can achieve self-sustaining economic growth, create jobs, and craft a society where people can enjoy a sense of safety and peace of mind. To build a bright future for Japan, it is of urgent necessity that the nation strengthen the international competitiveness of its industry and carve out a path to grow hand in hand with other Asian nations.

Our core philosophy is to ensure affluent and briliant nation for the people, and the Japanese business community is prepared to pool its wisdom to address economic revitalization and globalization by applying the vitality of the private sector. Working together with all sectors of society, we will aggressively develop growth areas while endeavoring to ensure corporate ethics and promote corporate social responsibility (CSR).

1. Overcoming deflation and taking initiatives toward self-sustaining economic recovery and new growth

  1. Achieve nominal growth that exceeds real growth.
  2. Raise the competitiveness of Japan's industry and attract investment from overseas by reducing the effective corporate tax rate and revising competition policy in light of economic globalization.
  3. Boldly implement regulatory and system reform to encourage creativity and vitality.
  4. Develop environmental and energy technologies and promote their spread to achieve a low-carbon society throughout Japan and overseas.
  5. Promote a science, technology, and innovation strategy, including the improvement of the intellectual property system.
  6. Make Japan into a tourism nation by improving its tourism infrastructure and content and developing human resources through partnerships among government, industry, and academia as well as partnerships that span a wide geographic area.
  7. Strategically develop internationally competitive airports, harbors, and Tokyo's three loop expressways. Facilitate distribution and strengthen logistics networks through the reform of trade procedures.
  8. Revitalize agriculture by promoting agricultural policy reform and developing partnerships among agriculture, commerce, and industry.
  9. Develop financial and capital markets that support growth.

2. Improve infrastructure to ensure citizens enjoy affluent lifestyles

  1. Conduct integrated reform of expenditures and revenues by radically revising the tax system, securing stable financial resources for social security, introducing a unified ID number system for both taxation and social security purposes, and setting targets for improvements in fiscal soundness, and thorough administrative reform.
  2. Strengthen the functions of the social security system and improve measures to combat the declining birthrate with an eye to creating a society where people enjoy safety and peace of mind.
  3. Promote decentralization reform and revitalize regional areas through wide-area alliances with the aim of establishing a regional government system (doshu-sei). Formulate and implement a comprehensive information and communications technology strategy, including the promotion of e-government.
  4. Through the active use of public-private partnerships (PPPs), (a) improve and revitalize public investment and public services, (b) raise the level of urban functions, revitalize communities, and create demand, and (c) activate housing investment and create high-quality housing stock.
  5. Set a medium-term target for greenhouse gas reduction that is equitable in comparison with those of other countries, limit the public burden to an appropriate level, and is feasible.
  6. Build a multicultural society through the promotion of interchange among people as well as cultural exchange and the development of the entertainment contents industry. Develop high-level human resources, including exchange students, through university reform.
  7. Ensure stable employment and create jobs through initiatives in which the government, labor, and management work together. Create a society in which all members can participate fully and which promotes diverse work-styles and a balance between work and home life.
  8. Ensure high corporate ethics and promote CSR.

3. Strengthen partnerships with and contribute to the international community

  1. Further revitalize the world economy through the early conclusion of the Doha Round of World Trade Organization (WTO) negotiations.
  2. Improve economic partnership agreements in terms of both geographic scope and content quality and expand regional economic integration.
  3. Develop an Asian growth strategy based on the resolution of the Asian Business Summit.
  4. Build multifaceted ties with resource-rich nations and improve Japan's energy security framework.
  5. Implement international cooperation in a flexible manner and radically revise official development assistance (ODA).
  6. Develop financial and capital markets in the Asian region.
  7. Promote overseas infrastructure development through partnerships between the private and public sectors.

Comprehensive Strategy