China, Japan pledge closer financial ties

Updated: 2012-02-19 17:00


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BEIJING - China and Japan pledged on Sunday to boost their financial cooperation as the global economic situation remains "complex and grim."

"Financial cooperation is a major part of the economic cooperation between China and Japan," said Chinese Vice-Premier Wang Qishan as he met with visiting Japanese Finance Minister Jun Azumi.

Wang said he hoped the two economies would step up communication and coordination to deepen financial cooperation, and carry out research actively in settlement of trade and investment in local currencies to develop their financial markets in a healthy and stable way.

"As the current world economic situation remains very complex and grim, it's a priority task for all the countries to secure the recovery of the global economy," said the vice-premier.

As leading economies and important G20 members, China and Japan should make joint efforts with the other members to ensure the success of the Los Cabos summit and spur reform of the international economic and financial system with a view to pushing ahead with the world's economic recovery and growth, he said. The next G20 summit is scheduled to be held in Los Cabos, Mexico, in June this year.

Wang said the fourth China-Japan high-level economic dialogue will be held later this year in Japan. The dialogue, jointly launched by Chinese Premier Wen Jiabao and then-Japanese Prime Minister Shinzo Abe, was first convened in 2007 in Beijing.

"(I) hope the two sides will give full play to the dialogue mechanism, as a useful platform, to deepen cooperation in trade, investment and finance and to advance the China-Japan strategic and mutually beneficial relations continuously," Wang said.

Azumi told Wang that Japan is working hard to tackle deflation and fiscal deficit in the country, according to a press release from the Chinese side.

Japan is ready to continue constructive exchanges with China on bilateral, regional and global financial issues to further their trade and financial cooperation, and to deepen their strategic and mutually beneficial relations, he was quoted.

Wang and Azumi also exchanged views on international issues of common concern, especially the economic situation in Europe, according to the release.