BRI NEWS Sino-Japan trade leaders pledge economic enhancement

BRI NEWS

Sino-Japan trade leaders pledge economic enhancement

By Liu Junguo | People's Daily app

08:18, April 16, 2018

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Chinese Minister of Commerce Zhong Shan answers questions at a press conference on structural adjustments and innovation for the fifth session of the 12th National People's Congress in Beijing, capital of China, March 11, 2017. (Photo: Xinhua)

Tokyo (People’s Daily) - China’s Minister of Commerce Zhong Shan met with Yoko Hiroshige, Japan’s economic industry minister on Monday to discuss cooperation and development between the two nations.

Zhong reiterated key points from last year’s 19th National People’s Congress where General Secretary Xi Jinping delivered his “New era of socialism with Chinese characteristics” address, which established guiding principles and formulated a blueprint for building modern socialism.The essential take-aways from the 19th Congress was a focus on promoting the formation of new comprehensive and open methods, creating a win-win human destiny.President Xi spoke at the Boao Forum for Asia 2018 where he announced new measures that will expand China's opening up and create more development opportunities for Sino-Japan economic and trade cooperation.

Zhong pointed out that last year leaders from both countries reached a consensus on improving and developing trade relations, and since then, Sino-Japan economic and trade cooperation has experienced steady growth.For 2017, trade between the two nations reached $300 billion.Japanese investment accelerated in what some analysts having have already started referring to an economic rebound.Tech sector investments from China's cross-border technology, mobile payments, economy sharing, and other models saw investments increase in Japan.

Chinese tourists traveling to Japan provided a financial boost to the economy as some 730,000 visited the country last year, marking a 15 percent growth spurt from the previous year. This year marks the 40th anniversary of China's opening up and reform and the Sino-Japan Peace and Friendship Treaty.Both nations will together implement the wishes of their respective leaders on the development of Sino-Japan economic and trade cooperation “Ballast Stone “Propeller,” and seize upon the space between the two countries to reach a higher quality of development, strengthen cooperation, and take the lead in bilateral trade relations thus providing an upgrade in  quality and efficiency.

Zhong Shan said the goal is to deepen Sino-Japan trade and offered six  suggestions for investment cooperation.First, implement Sino-Japan third party market cooperation within the framework of the Belt and Road initiative.Second, support multilateral trading systems and oppose protectionist efforts and policies. Third, strengthen Sino-Japan cooperation on high-end manufacturing and innovation and across other sectors.Four, invite Japan to participate in the First China International Import Exposition.Five, strengthen trade services.

Six, speed up efforts on a China-Japan-South Korea Free Trade Agreement (FTA) and as quickly as possible establish a regional Comprehensive Economic Partnership (RCEP) Korea that will represent a high-quality and mutually beneficial agreement.Seko said Japan greatly appreciates the recent opening up initiative announced by President Xi Jinping at the Boao forum and is willing to discuss the joint development of third party markets and deepen cooperation within the high-end manufacturing and trade service sectors.The economic minister emphasized that Japan is willing to ensure that a multilateral trading system remains in place as trade protectionism provides no winners. 

Seko stressed that Japan is willing to strengthen cooperation with China according to WTO guidelines. Japanese businesses will be encouraged to participate in the upcoming CIIE, where Japan will have a 10,000 square meter exhibition space.

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