Home | China | World | Business Bush Urges Japan to Carry Out Bold Economic Reforms TUE, FEB 19, 2002     U.S. President George W. Bush on Tuesday urged Japan to carry out bold economic reforms to recover its ailing economy, including tax cuts, prompt disposal of bad loans and accelerated deregulation. Bush made these remarks in his speech at the Diet (Japan's parliament), during which he avoided making direct economic policy requests of Japan. But the U.S. president cited efforts by the U.S. in the past to fix its own economic problems and tacitly asking Japan to follow suit. "America overcame these difficulties by reducing taxes and regulations," Bush said. "We moved nonperforming loans to market, making way for new investment." "We learned that in times of crisis and stagnation, it is better to move forward boldly with reform and restructuring than to wait," he said. The president also called on Japan to accelerate competition, calling on Japan to gain economic prosperity through fundamental reform and the full embrace of competition. He reiterated his support for Prime Minister Junichiro Koizumi and voiced confidence in the ability of Japanese to take on the economic difficulties they face. Bush is currently on his Asia tour, which will also bring him to South Korea and China. Editor:Hope CCTV.com Recommend to your friend email:    China Central Television,All Rights Reserved