January 23, 2023—A delegation of senior Japanese business leaders is visiting China for the first time in four years, signaling a renewed commitment to strengthen economic cooperation between the two neighboring countries. Since 1975, annual economic delegations from Japan have visited China, but the tradition was interrupted in 2019 due to various factors.
The current delegation comprises around 200 members, including representatives from the Japan-China Economic Association, the Japan Business Federation, and the Japan Chamber of Commerce and Industry, as well as several political figures. The impressive lineup and scale of the delegation highlight the significance Japan places on revitalizing its economic relationship with China.
During their visit from January 23 to 26, the delegates will engage in consultations on decarbonization, enhancement of industrial capabilities, and the promotion of supply chain stability. These discussions underscore the necessity and importance of bolstering economic cooperation amid complex regional dynamics.
In recent years, Sino-Japanese relations have faced challenges due to a lack of mutual trust and communication, impacting economic collaboration. However, both countries recognize that their close economic ties are mutually beneficial. Since 2007, China has been Japan’s largest trading partner, with an average annual bilateral trade volume of around $300 billion over the past decade, accounting for more than one-fifth of Japan’s total foreign trade.
China plays a crucial role in driving Japan’s foreign trade and economic growth. According to the Japan External Trade Organization, in 2021, the investment return rate of Japanese companies in China exceeded 15 percent, significantly higher than the 4.2 percent return rate in the U.S. and 10.4 percent in Thailand. A recent survey by the China-Japan Chamber of Commerce revealed that 88 percent of Japanese companies consider China an important market beyond 2024.
Attempts to decouple or sever economic ties are seen as detrimental to both nations. Despite external pressures and shifts in global economic policies, the mutual benefits of cooperation remain clear. Strengthening economic collaboration not only supports the growth of both economies but also contributes to regional stability and development.
The visit of the Japanese delegation marks a hopeful step toward renewing and deepening economic ties. As both countries navigate the complexities of the current global landscape, ongoing dialogue and cooperation will be essential in fostering sustainable economic partnerships.
Reference(s):
cgtn.com
