China and Japan established the economic dialogue mechanism in 2006. The first meeting was held in 2007 when the two sides agreed to work towards economic integration in East Asia. In 2009, the two sides agreed to step up the development of bond markets in Asia. The last meeting was held in 2010 when the two countries discussed recovery of the world economy. China is Japan's largest trading partner in terms of imports. Last year, bilateral trade ended a five-year decline. Sino-Japanese trade rose by just under 10 percent, recovering to nearly 300 billion US dollars.