The finance ministers of Japan and China agreed Friday to bolster economic cooperation, with concern growing that an escalating trade war waged by U.S. President Donald Trump will continue to rattle global financial markets.

Finance Minister Taro Aso said the economies of both countries are "in an important phase" at the outset of a meeting with his Chinese counterpart, Liu Kun, in Beijing

Officials from the finance ministries and central banks of the two neighbors also joined the China-Japan Finance Dialogue, which was last held in May 2017 in Yokohama. Those from financial services agencies also participated in the talks for the first time.