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Policy Proposals  Comprehensive Strategy Establishing a Solid Path for Achieving GDP of 600 Trillion Yen Fiscal 2017 Organization Policy

May 31, 2017

One the priorities for Japanese economy is to ensure that it recovers from deflation and achieves economic revitalization so that it can establish a solid path for achieving GDP of 600 trillion yen. It is also essential to create the economy and society envisioned in Keidanren's vision "Toward the Creation of a More Affluent and Vibrant Japan."

Needless to say, Japan should promote a growth strategy following on monetary and fiscal policies to this end. Of the 10 Strategic Public-Private Joint Projects -- a pillar of the growth strategy, the leading projects such as the realization of Society 5.0 and stimulation of consumption are steadily achieving results. Both the public and private sectors should continue to concentrate their wisdom and resources to work out concrete plans for all 10 projects expeditiously.

It is also essential to push forward with structural reform in Japan and strengthen the economic and social foundations. In particular, the continuous improvement of the income and living environment through the growth strategy is essential for the elimination of people's deeprooted anxiety regarding the future. Moreover, painful restructuring including social security system reform and fiscal rehabilitation must be squarely addressed to open up the prospects of a bright future. At the same time, with the declining population, it is essential to promote workstyle reform that will contribute to enhancing productivity.

When we look abroad, we see the rise of antiglobalization and protectionism, which cast a shadow over the future. At a time like this, it is an important duty for the Japanese business community to lead the effort to maintain and develop the free and open global economic order. Keidanren expects the Abe administration to exercise strong leadership for G7 members to stand united to counter anti- globalization and protectionism.

There are also special projects that Japan should take on by using all national resources, such as the success of national events, including the Tokyo Olympic and Paralympic Games and the World Expo, along with the acceleration of the earthquake disaster reconstruction efforts and the creation of a "New Tohoku."

Keidanren has reached the major milestone of its 70th anniversary. This year, Keidanren will resolutely take on the following priority policy tasks based on its proven achievements over 70 years, while further strengthening its coordination with the political community. In particular, promoting "innovation" and "globalization" together with encouraging companies to work on SDGs (*Note) will contribute to the stable and sustainable development of both the Japanese and global economies. Keidanren will also continue to actively pursue its own internal reforms.

  1. 1. Promote growth strategy
    1. (1) Promotion of scientific and technological innovation
    2. (2) Realization of Society 5.0
    3. (3) Stimulation of consumption
    4. (4) Revitalization of regional economy
    5. (5) Enhancement of competitiveness in agriculture industry
    6. (6) Promotion of tourism
    7. (7) Regulatory reform
    8. (8) Revitalization of new businesses and medium-sized companies
  2. 2. Strengthen economic and social foundation
    1. (1) Fiscal rehabilitation and social security system reform
    2. (2) Corporate tax reform
    3. (3) Establishment of energy and environmental policies compatible with economic growth
    4. (4) Promotion of electronic administration
    5. (5) Enhancement of cyber security
    6. (6) Enrichment of urban functions
    7. (7) Creation of a good environment for families raising children
    8. (8) Promotion of engagement in SDGs by companies
  3. 3. Workstyle reform and empowerment of diverse talent
    1. (1) Workstyle reform
    2. (2) Promotion of diversities including increased participation of women in the workplace
    3. (3) Promotion of participation of young and senior employees
    4. (4) Acceptance of foreign talents
    5. (5) Promotion of human resource development
  4. 4. Active involvement in economic diplomacy
  5. 5. Success of national events
  6. 6. Acceleration of earthquake recovery and enhancement of disaster prevention and mitigation

(*Note) SDGs (Sustainable Development Goals)
These are the targets launched in the 2030 Agenda for Sustainable Development (adopted at the UN summit in September 2015), and are set as the goals for the entire global society toward realizing a sustainable world. SDGs consist of 17 goals and 169 targets including the elimination of poverty, the provision of high-quality education and measures against climate change.

Comprehensive Strategy