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Economy· Macro· Govt

Abe and Xi deepen bilateral economic ties, ink USD 2.6 bln worth trade deals

CKN
minutes 2018/10/29 07:49:44
3,616
China's Financial News, China News,Abe, Xi

Oct 29, 2018 (China Knowledge) - Japanese Prime Minister Shinzo Abe's concluded his three-days trip to Beijing on Saturday. The visit was first visit of a Japanese Prime Minister to China in seven year.

Territorial disputes, bitter history of war and political differences have put both countries at odds with each other. However, both countries have agreed not to let political differences influence their economic development. Beijing and Tokyo have put aside their differences in order to strengthen bilateral economic ties and promote free trade in the backdrop of Sino-U.S. trade tension and growing global uncertainty.

During Prime Minister Abe's visit, both countries signed over 500 business deals valuing at more than US 2.6 billion. These trade agreements range from infrastructure projects to the currency swap agreement.

The increased cooperation between two of the world most powerful economies will not only help improve the economy of both countries, but will also shoulder weaker South Asian and Southeast Asian economies, amidst backdrop of the heightened trade war between China and U.S.

Premier Li Keqiang has also encouraged the Japanese enterprises to leverage on the opening-up of China and its financial market to invest. He is also interested in enhancing financial cooperation with Japan, with the currency swap agreement taking lead.

China is the largest trading partner of Japan, with trade volume amounting to more than USD 300 billion last year.

Japan has also pledged its participation in China’s Belt and Road Initiative (BRI), with collaboration on infrastructure projects in third nation, and other project ranging from innovation to finance. 

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