Japan cozying up to China. Who would have guessed that under DJT pressure the Chiinese would turn to Japan?
Sino-Japanese relation at 'historic turning point': Shinzo Abe
BEIJING (REUTERS, AFP) - Japanese Prime Minister Shinzo Abe said on Friday (Oct 26) that bilateral relations with China are at an“historic turning point” and that he expects new opportunities between Asia's two biggest economies.
Mr Abe, speaking at a forum during his visit to Beijing, said on Friday marks the dawn of new Japan-China cooperation and that he expects new possibilities in industries such as infrastructure, logistics, healthcare and finance.
ELMAT: TJ is too busy Zero Hedge to notice that
China and Japan on Friday signed a broad range of agreements on strengthening bilateral ties, pledging to step up cooperation in areas from finance and trade to innovation and securities listings.
The Bank of Japan said both countries signed a bilateral currency swap arrangement on Friday aimed at enhancing the financial stability of the two countries.
The arrangement, which takes effect on Friday and lasts until Oct. 25, 2021, will allow the exchange of local currencies between the two central banks for up to 200 billion yuan or 3.4 trillion yen (US$30 billion), the BOJ said.
Earlier on Friday, Chinese Premier Li Keqiang said China is willing to advance its relations with Japan and return to healthy and normalised two-way ties.
He was speaking during a rare visit to China by Mr Abe as the two countries face trade challenges from United States President Donald Trump.
China also supports talks between Japan and North Korea to resolves issues, Mr Li said at a joint briefing with Mr Abe in Beijing. Both nations recognise that free trade should be safeguarded, Mr Li said, adding that China had no wish to pursue a competitive devaluation of its yuan.
Relations between Asia's two biggest economies have improved in recent years after they sunk to new lows in 2012 when Tokyo "nationalised" disputed islands claimed by Beijing.
The relationship has rapidly warmed up as Mr Trump slapped massive tariffs on China while also targeting Japanese exports in his effort to cut US trade deficits, despite touting his personal bonds with Mr Abe and Chinese President Xi Jinping.
Mr Abe and Mr Xi are expected to discuss how to boost economic cooperation between the world's second and third largest economies when they meet later on Friday.
Mr Abe began Friday with an inspection of troops off Beijing's Tiananmen Square. Mr Li greeted him as Japan's flag flew outside the opulent Great Hall of the People across from Tiananmen Square, and they reviewed an honour guard before going inside for talks.
Mr Abe brought along delegates from 500 Japanese companies, which are eager for increased access to China's massive market, while Beijing is interested in Japanese technology and corporate know-how.
"Though the US is quite an influential factor in China-Japan ties, the effect is limited," China's nationalistic Global Times said in an editorial.
"If Beijing and Tokyo intend to plan their future bilateral relationship based on Washington's attitude, they will only get lost," the state-run daily said.
'SAFEGUARD FREE TRADE
'Mr Abe and Mr Xi are likely to focus on a range of potential deals, including joint investments in infrastructure in regional nations including Indonesia and the Philippines.
The last official visit to Beijing by a Japanese prime minister was in 2011.
Since an awkward encounter between Mr Abe and Mr Xi on the sidelines of a summit in 2014, there have been ministerial visits by both sides and a softening of rhetoric. Mr Li visited Tokyo in May.
Mr Abe's three-day trip, which began on Thursday, sets up the possibility that Mr Xi will visit Japan next year.
Mr Abe and Mr Li already met on Thursday during a reception to celebrate the signing of the treaty that put Japanese and Chinese relations back on track after World War II.
At the event, Mr Li called for the countries to "jointly promote regional peace" and "safeguard multilateralism and free trade", according to state broadcaster CCTV.
For his part, Mr Abe said: "Japan and China play an irreplaceable role in the economic development of Asia and even the world" and both sides should work together to "promote world peace and prosperity", according to CCTV.
TERRITORIAL DISPUTES
Before heading to Beijing, Mr Abe said he would also discuss North Korea and territorial frictions - calling to make the East China Sea a "sea of peace, friendship and cooperation". Just days before Mr Abe's trip, Tokyo lodged an official complaint as Chinese ships cruised around the disputed islands that Tokyo calls the Senkaku and Beijing labels the Diaoyu islands.
China has long denounced Japan for what it says is an insufficiently contrite attitude towards its role in World War II.
But ahead of the trip, Beijing has taken a more cordial stance than it has in the past.
Japanese media have reported that Mr Abe is hoping the visit will produce a soft power win in the form of some panda diplomacy, with zoos in Sendai and Kobe apparently angling for new additions. |
