Business / Economy

Japan, China to resume bilateral dialogue on finance in May

Kyodo

Japan and China are planning to discuss financial issues on May 7 in Yokohama in the first session of the bilateral dialogue in nearly two years, sources said Wednesday, reflecting a recent thaw in relations.

Finance Minister Taro Aso and his Chinese counterpart Xiao Jie are expected to focus on spurring economic growth through bilateral trade and infrastructure investment, and strengthening cooperation to spread the use of the Chinese yuan as an international currency, according to the sources.

The meeting by the ministers, who may also take up the issue of a currency swap arrangement, will be held on the sidelines of an annual gathering of the Asian Development Bank in Yokohama, where a trilateral finance meeting among Japan, China and South Korea is also expected to be held.

The bilateral dialogue was launched in 2006 as a framework for the two countries’ finance officials to exchange views on a variety of topics from the economy to customs duties.

Sino-Japanese relations have since worsened over the Senkaku Islands, controlled by Japan and claimed by China, in the East China Sea. The long-standing dispute led to a suspension of the dialogue.

Japan and China sought to hold a dialogue session in 2016, but the meeting was postponed when Xiao replaced Lou Jiwei as China’s finance minister in November.

The last meeting was held in June 2015 in Beijing.

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