China and Japan pledge stronger economic ties, cooperation in innovation and trade

As two of the world's major economies, China and Japan should foster a correct perception of each other, add momentum to win-win cooperation while reducing differences and disputes, Foreign Minister Wang Yi said at a bilateral high-level economic dialogue on Saturday.

The 6th bilateral dialogue, the first in six years, was hosted by Wang and Japanese Foreign Minister Takeshi Iwaya, and attended by officials from 15 governmental departments of both countries.

It is aimed at strengthening communication on economic development strategy and macroeconomic policy of the two nations, consolidating traditional cooperation while expanding cooperation in new areas and with new methods, so as to provide economic support for fully advancing the mutually beneficial strategic relationship, Wang noted.

Wang called for the two countries to accelerate the transformation and upgrading of economic and trade cooperation, and encouraged enterprises from the two countries to carry out cooperation in innovative areas such as artificial intelligence, digital economy, energy conservation, environmental protection, and green trade.

The two countries should strengthen collaboration in healthcare and elderly care services, and foster the "silver economy", he said, adding that they could also expand cooperation in third-party markets to benefit more countries in the Global South.

Since the normalization of China-Japan ties, bilateral trade value has increased more than 300-fold, maintaining a high level of around $300 billion for 15 consecutive years.

The cumulative two-way investment between the two countries has reached nearly $140 billion.

The two sides enjoy close industrial cooperation and deeply integrated economic interests, which has brought tangible benefits to the two peoples, Wang said.

This fully demonstrates that Beijing and Tokyo are partners rather than rivals, they represent opportunities for each other instead of risks, he said, urging the two neighbors to support each other, rather than become estranged.

He also called on the two sides to address each other's legitimate concerns in a balanced manner.

The two countries should establish channels for communication between governments and enterprises, expand market access, and eliminate discriminatory restrictions, Wang said.

It is also important to avoid politicizing economic security issues and to safeguard the stability and smooth functioning of industrial and supply chains, he added.

Wang also stressed the need to strengthen regional and multilateral cooperation, urging for efforts to resume negotiations on the China-Japan-South Korea Free Trade Agreement as soon as possible.

According to a foreign ministry readout, the two sides have achieved 20 consensus at the dialogue.

In addition to their agreement on cooperation mentioned above, they also pledged to hold working meetings, various dialogues and regular consultation.

This economic dialogue, with a broader scope and more in-depth discussions involved, has enhanced mutual understanding and strengthened confidence in cooperation, Wang said.

In the face of rampant unilateralism and protectionism, the dialogue has sent out the voices of the two nations in supporting the free trade system, adhering to international trade rules, and aligning with economic globalization, he added.