Bilateral trade between China and Japan is expected to
experience renewed growth over the next few months, jumping to at
least US$200 billion by the end of this year, Ministry of Commerce
spokesman Chong Quan said yesterday.
Chong told the 11th Sino-Japanese Economic Symposium in
Changxing, east China's Zhejiang Province, that Sino-Japanese trade
had experienced slower growth last year due to the deteriorating
political relationship between the two countries in recent
years.
This year's growth will see Japan retain its position as China's
third-largest trading partner, after trade with the European Union
and United States respectively reached US$217.31 billion and
US$211.63 billion last year.
Sino-Japanese bilateral trade enjoyed growth of 11.8 percent in
the first eight months of this year, compared with an annual rise
of just 9.9 percent in 2005. However, the rise is lower than annual
growth of 25.7 percent notched up in 2004.
"Growth in bilateral trade between China and Japan is in the
interests of both sides," Chong told the symposium, which was
co-sponsored by China's People's Daily newspaper and
Japan's Nihon Keizai Shimbun.
He said Sino-Japanese bilateral trade had experienced a slowdown
in recent years, with the European Union replacing Japan as China's
biggest trading partner in 2004. While Japan is now China's
third-biggest trade partner, China is Japan's
second-biggest.
Chong expressed optimism about the prospects for Sino-Japanese
trade and economic relations.
"China has seen a 10.9 percent rise in gross domestic product in
the first half of 2006, the first year of its 11th Five-Year Plan (2006-10). We are also
glad to see that Japan has maintained steady economic growth over
the past four years. All these factors will offer valuable
opportunities for the two countries to strengthen their bilateral
cooperation and create new growth in bilateral trade," he said.
Participants from both sides at yesterday's event suggested
China and Japan should expand cooperation in the fields of
environmental protection and saving energy, an important aspect of
the 11th Five-Year Plan.
According to the plan, China will invest around 3.8 trillion
yuan (US$475 billion) in this field in a bid to build itself into
an energy-saving and more environmentally friendly society.
"It is a promising field in which China and Japan will have
active and effective cooperation. Japan has ample management
experience and apparent technological advantages in the area, such
as burning rubbish, processing sewage and the development of
renewable energy," said Chong.
Nikai Toshihiro, Japan's former economy, trade and industry
minister, said Japan looked forward to expanding co-operation with
China in these fields.
"In addition to the environmental and energy sectors, there is
great potential for China and Japan to develop trade cooperation in
many new fields," he said.
"Today, about 80 percent of Japan's investment in China is in
the manufacturing industry. China's ambition in developing its
electronic and biological technologies indicates more cooperation
possibilities between Chinese and Japanese businesses," he
added.
(China Daily October 10, 2006)