On Wednesday, Vice Premier Wu Yi stressed the importance of Sino-Japanese economic relations and called for the set-up of a bilateral free trade agreement (FTA) to be sped up to ensure long-term and active ties.   

Economic cooperation plays a key role in relations, and ties have been fruitful thanks to Japan's advantages in finance, technology, equipment and managerial experience and the extensive market and abundant labor force in China, Wu said at a ceremony in Nagoya celebrating the 50th anniversary of the Tokai Japan-China Trade Center, an institution engaged in promoting bilateral economic exchange.

 

Wu noted that economic ties are growing both in intensity and extent, and to the two countries' mutual benefit.

 

She proposed that progress toward a FTA be accelerated, energy cooperation promoted, strategic dialogue in sectors such as steel strengthened, technological cooperation cemented, Japan's investment in underdeveloped areas of China increased and cooperation among small and medium-sized businesses expanded.

 

Wu, who arrived in Japan on Tuesday for an eight-day visit, also met with Japanese Economy, Trade and Industry Minister Shoichi Nakagawa and Land, Infrastructure and Transport Minister Kazuo Kitagawa.

 

She described the two countries' economies as complementary at the meetings, but said cooperation has been limited due to serious difficulties in their overall relationship.

 

Wu said one of the purposes of her visit was to help maintain a stable and healthy relationship.

 

Agreeing with Wu, Nakagawa said up to 20,000 Japanese firms are running business in China, which demonstrated the importance of economic cooperation.

 

Kitagawa promised that Japan will make substantial efforts to facilitate bilateral exchange since ties are so significant.

 

(Xinhua News Agency May 19, 2005)