China, Japan to enhance fiscal, monetary cooperation

BEIJING - Senior finance officials from China and Japan agreed to step up cooperation in fiscal and monetary areas, according to the Ministry of Finance.

Vice-Finance Minister of China Shi Yaobin and Japan's State Minister of Cabinet Office Takao Ochi met in Beijing on Friday in a bid to implement the consensus reached by finance ministers of both countries at the Sixth China-Japan Finance Dialogue in May.

China and Japan will share information in audit supervision based on principles such as reciprocity, according to documents exchanged at the meeting.

The move will help protect investors' interests in the capital markets of both countries and assist financial institutions of both sides in cross-border bond issuance, including Panda bonds and Samurai bonds.

At the Sixth China-Japan Finance Dialogue held in Yokohama, Xiao Jie, China's minister of finance, and Taro Aso, Japan's deputy prime minister and minister of finance, recognized the necessity of promoting economic restructuring through enhanced communication on macroeconomic policies and agreed to maintain consultations on major international economic and financial issues.

The two sides also emphasized the need to further deepen pragmatic cooperation in the financial field to support collaboration between the two countries in the economic, trade and investment fields.