China, Japan to spur cooperation, oppose unilateralism

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02:05

Finance ministers of China and Japan announced that the two countries will oppose trade protectionism and unilateralism, and give more roles to multilateral platforms as G20 and the World Bank.

Chinese Finance Minister Liu Kun, and Japan's Deputy Prime Minister and Finance Minister Taro Aso, reached the agreement during the seventh China-Japan Finance Dialogue in Beijing, one year after such a meeting in Japan's Yokohama.

They agreed to deepen fiscal and financial cooperation and improve bilateral ties by keeping constant communication on financial management and reform, and face risks and challenges together, say, unilateralism and trade protectionism.

China and Japan hold the seventh Finance Dialogue in Beijing, Aug. 31, 2018. /CGTN photo

Liu said that both China and Japan bear the responsibility to give full play to the function of multilateral platforms, such as G20, ASEAN Plus Three, World Bank, and the Asian Infrastructure Investment Bank.

"We will keep stability in regional finance and economy, and promote global reform of economic governance," Liu noted.

The meeting is viewed as a platform to further implement the consensus reached by the two countries when Chinese Premier Li Keqiang visited Tokyo in May. It is also designed to help address problems for the world's second and third largest economies.

Aso said the volatility of financial assets is on the rise. "China and Japan now deepen their cooperation just in case the unexpected happens. We seek to face that together, and have a comprehensive discussion on that."

Multiple agreements have been achieved in financial cooperation between China and Japan during the seventh Finance Dialogue, Aug. 31, 2018. /CGTN photo.

Besides reviewing the pension system study they have conducted over the past year, both sides also discussed opening financial market for each other, as well as tax reform, budget management, and cooperation in the third-party market.

Liu stressed that both of them agree to take the opportunity to actively broaden and deepen policy communication and concrete cooperation in bilateral and multilateral finance sectors, and contribute to the long-term and stable development of China-Japan ties.

The dialogue also paves way for Japanese Prime Minister Shinzo Abe's visit to Beijing this year. And the two ministers agreed to hold the next dialogue in Japan next year.