The United National Party has traditionally favoured links with the West, while the Sri Lanka Freedom Party has favoured links with the East. Sri Lankan Finance Minister J. R. Jayewardene, together with then Australian Foreign Minister Sir Percy Spencer, proposed the Colombo Plan at the Commonwealth Foreign Minister's Conference held in Colombo in 1950. At the San Francisco Peace Conference in 1951, while many countries were reluctant, Sri Lanka argued for a free Japan and refused to accept payment of reparations for World War II damage because it believed it would harm Japan's economy. Sri Lanka-China relations started as soon as the People's Republic of China was formed in 1949. The two countries signed an important Rice-Rubber Pact in 1952. Sri Lanka played a vital role at the Asian–African Conference in 1955, which was an important step in the crystallisation of the NAM.