China and Japan are stepping up their battle for strategic infrastructure projects in Southeast Asia amid rising economic competition and tensions over maritime disputes.
At an annual summit of Asia-Pacific leaders in Kuala Lumpur over the weekend, China pledged to add another $10bn to its growing pool of infrastructure lending in Southeast Asia, while Japan vowed to halve the time it takes to approve infrastructure loans and take on more financial risk.
China recently beat Japan to win a $5bn high-speed rail project in Indonesia on the back of no-strings financing that did not require the Indonesian government to act as guarantor.
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