China, Japan sign $30 billion currency swap pact

China, Japan sign $30 billion currency swap pact

Abe's visit to China is hoped to pave the way for a reciprocal visit by Xi to Japan in the near future.

Strategically, Japan is also seeking to position itself in the region as a counterforce to China.

Abe said he would stress the importance of strengthening a free and fair trading system.

Prime Minister Abe also raised the issue of human rights during meetings with Premier Li on Friday, and stressed to Chinese officials that the worldwide community is carefully watching the situation in China.

"Both sides need each other", said Yu Tiejun, a Japan expert at Peking University.

"With President Xi Jinping, I would like to carve out a new era for China and Japan", Abe said.

Mr Abe said their two countries were playing "an indispensable role in the economic development of not just Asia but the world".

Abe was in China for the first formal bilateral summit in seven years. Then they will visit a company which is a leading manufacturer of factory automation, Gokhale said, adding Abe has taken personal interests in working out the programme for Modi's visit.

During his evening meeting with Xi at the Diaoyutai State Guesthouse in Beijing, the Japanese prime minister said, "We (Japan) would like to join hands with China in contributing to peace and stability in the world".

Ahead of the briefing, China and Japan signed an agreement to boost cooperation in the securities markets including the listing of exchange-trade funds (ETFs), and facilitate smoother customs clearance.

More news: More suspicious packages sent to Joe Biden, actor Robert De Niro

Japan and the United States economies account for about 30 percent of worldwide Gross Domestic Product. For Tokyo, these bilateral talks showcase Japan's commitment to diplomacy, deepen economic engagement with China, and build multilateral trade by accelerating both the Regional Comprehensive Economic Partnership (an alternative to TPP) and trilateral negotiations between for a South Korea, Japan, and China free-trade agreement.

China's Ministry of Commerce spokesman Gao Feng said last week: "Economic-and-trade cooperation is the ballast and propeller of the China-Japan relationship, laying the keystone for the mutual political trust".

As this year marks the 40th anniversary of the signing of the China-Japan Treaty of Peace and Friendship, it provides a good opportunity for the two sides to review the important commitment made 40 years ago and the development of relations over the past 40 years, said Takahara.

Japan and China, in building a strategic and mutually beneficial relationship, have the responsibility to properly deal with those issues and steadily develop their friendly and cooperative ties from the big picture, he noted.

Japan has been targeted by USA tariffs too, though much less so than China.

Abe and Premier Li Keqiang also agreed that Japan and China would work together to achieve denuclearisation on the Korean Peninsula.

Foreign Secretary Vijay Gokhale said the two sides are expected to also deliberate on cooperation in areas of artificial intelligence, big data, development of unmanned ground vehicle and robotics among others.

In the past year, China has stepped up its outreach to Japan and others as it locked horns over trade with the United States.

Yuichiro Tamaki, the leader of an opposition party, said that even some younger lawmakers in Mr Abe's ruling Liberal Democratic Party are cautious about the relationship.

At the time, I lived around the corner from the Japanese Embassy in Beijing.

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