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High-cost industry to be reformed

Japan adopts action plan to boost economy
TOKYO. May 17: The Japanese cabinet yesterday adopted an action plan to boost the economy by reforming the structure of high-cost industry by 2001. officials said, reports AFP.
The measures call for reducing the costs of basic services, such as distribution, energy, and telecommunications, to levels in the United States and European countries.
It Includes deregulation and support measures to foster new businesses in 15 strategic sectors such as telecommunications, the environment, medical care and welfare, to help create new jobs and sustain economic growth.
As economic structural reform is a task that permits no delay. I ask all ministers for steady implementation of measures in this action plan."
Prime Minister Ryutaro Hashimoto was quoted as telling the cabinet meeting.
"Follow-ups of this action plan will become important from now on," Hashimoto was quoted as saying by top government spokesman Seiroku Kajiyama at a news conference.
Kajiyama quoted the Prime Minister as saying that as the plan was implemented the need may emerge to add further reform measures.
Part of the package calls for far-reaching deregulation of the power sector to correct the high-cost structure by 2001, government officials said.
The government plans to finalise recommendations within the year to enable independent power producers to compete with existing power utilities on equal terms, they said.
The government will call on electric utilities to cut power charges in 1998 and again in 2000, while it is planning to permit new entrants into the gas sector over the next year, officials said.
It also plans to review existing policies on the oil sector, as well as to ease regulations governing the distribution, information and telecom sectors, in order to cut the cost of the industrial infrastructure.
In the telecommunications sector, officials said the government would promote private sector investment to help provide a nationwide optical fibre system.
At the same time, the government will seek to establish gobal standards in customs, xation and legislation.
For example, the government said it plans to present a bill to review the antimonopoly law by the end of March 1998, so the reporting system on mergers and corporate registration can meet global standards, officials said.