China-Japan economic cooperation embraces a new starting point

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02:17

China and Japan are writing a new chapter in their relations. The First China-Japan Third Party Market Cooperation Forum was held in conjunction with Prime Minister Shinzo Abe's visit to Beijing, and aims to combine the economic strengths of the two Asian powerhouses.

"This forum will become a new starting point of the two countries' economic cooperation," said Hiroshige Seko, Japanese Minister of Economy, Trade and Industry.

He spoke highly of the first-ever China-Japan Third Party Market Cooperation Forum.

The two nations reached agreements on third party market cooperation during Chinese Premier Li Keqiang's visit to Japan in May. Four months later, the first working meeting was held in Beijing.

A Chinese official at the forum said that the two nations' economies complement each other well.

"The two sides also have a great future and huge potential in transportation machinery, energy and chemical machinery, and financial services," said He Lifeng, director of China's National Development and Reform Commission.

China remains competitive in equipment manufacturing, labor costs, and financing channels. Japan excels at technology, branding, and sales networks.

Entrepreneurs from the two countries attending the forum numbered over 1,000.

"This event is the largest and highest-level meeting of the bilateral economic exchange events. It shows the two countries' businesses have fully realized the significance of the event," said Hiroshige Seko.

China's commerce minister, Zhong Shan, also backed the cooperation model. "The cooperation should follow the model that the companies are the main body, and the programs are operated by the market and guided by the governments.”

Zhong also said that the programs should respect the will of the host countries and their laws and regulations.

The year 2018 marks the 40th anniversary of the signing of the Treaty of Peace and Friendship between China and Japan, so it's now a very important opportunity and timing of improving bilateral ties. The third party market cooperation will not only benefit the two nations, but also the third party countries involved in the programs, and other surrounding countries.