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26 October 2018
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| China and Japan (The Total Investment & Insurance Solutions) |
China and Japan displayed a united front on "free and fair"
trade as leaders of Asia's two biggest economies met Friday in Beijing. The Total Investment & Insurance
Solutions
The visit by Japanese Prime Minister Shinzo
Abe, along with hundreds of Japanese businessmen, took place against the
backdrop of the festering trade dispute between China and the U.S. that has
resulted in both sides imposing billions of dollars in tariffs on each other's
exports.
"I believe we need to take to a new
level a free and fair trade system," Abe said after meeting with Chinese
President Xi Jinping. The Total
Investment & Insurance Solutions
The two sides signed a slew of agreements,
including a currency swap deal and plans to work together in other markets. The Total Investment & Insurance
Solutions
The demonstration of unity was underlined by the nearly 1,000 business
representatives who traveled to Beijing from Japan. China's Premier Li Keqiang
said they had signed 500 agreements worth $18 billion.
"This indicates our cooperation has
great potential and a promising prospect," he said. "As countries
with great influence in the region and the world, we should safeguard free
trade."
Li said the two sides should work on regional
free trade deals such as the Regional Comprehensive Economic Partnership, which
does not include the U.S., and on a free trade area between China, South Korea
and Japan.
"The realization of regional economic
integration in the Asia Pacific region benefits the development of global free
trade," Li said. The Total
Investment & Insurance Solutions
President Donald Trump's effort to win more
favorable trade deals for the U.S. has focused most heavily on China, source of
the biggest American trade deficit and the target of complaints over Beijing's
policies for building leadership in advanced technologies. The Total Investment & Insurance
Solutions
Japan, too, faces pressure over its own trade
imbalance with the U.S., especially on auto exports. Abe's government has
agreed on holding talks with the U.S., its powerful ally, on a bilateral trade
deal but also needs good relations with China, its biggest trading partner and
the regional powerhouse.
Also Friday, the central banks of the two
countries signed a three-year, bilateral currency swap agreement enabling the
two sides to swap up to 200 billion yuan (about $28.8 billion) for 3.4 trillion
yen. Such deals are aimed at easing trade transactions and support for
financial markets.
The two countries agreed to discuss advanced
technologies and issues related to patents and other intellectual property — a
perennial bugbear for China's relations with all foreign investors. The
Japanese financial newspaper Nikkei said China was hoping to find ways to avoid
shortages of components resulting from the trade dispute with the U.S. The Total Investment & Insurance
Solutions
A highlight of Abe's meetings was the dozens
of preliminary agreements on China-Japan cooperation in other countries, such
as a "smart, sustainable city" in eastern Thailand.
A Japanese government document outlining the
accords listed agreements between banks, insurers, energy companies, a cotton
grower, contractors, electronics and logistics companies, as well as local
governments and trade promotion organizations. The Total Investment & Insurance Solutions
Abe's three-day visit was the first by a
Japanese prime minister since December 2011.The Total Investment & Insurance Solutions
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