A delegation of senior Japanese business leaders is making a significant visit to China from January 23-26, marking the first such trip in approximately four years. This visit underscores the enduring economic ties and mutual benefits that underpin the relationship between the two neighboring giants.
Historically, since 1975, Japanese government and economic communities have organized annual economic delegations to China. However, the last delegation before this visit occurred in 2019, highlighting the importance and rarity of this current mission. The delegation comprises representatives from the Japan-China Economic Association, the Japan Business Federation, and the Japan Chamber of Commerce and Industry, along with numerous political figures, totaling around 200 participants. This impressive lineup reflects the high level of commitment Japan places on its economic partnership with China.
The discussions during the visit are set to focus on key areas such as de-carbonization, strengthening industrial capabilities, and promoting supply chain stability. These topics not only emphasize the necessity of economic cooperation between Japan and China but also signal a collective effort to address global challenges collaboratively.
Despite recent complexities in Sino-Japanese relations, characterized by a lack of mutual trust and communication, the economic relationship remains robust. 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. This figure accounts for more than one-fifth of Japan's total foreign trade, highlighting China's pivotal role in Japan's economic landscape.
Investment flows further illustrate the strength of this partnership. In 2021, Japanese companies in China achieved an investment return rate exceeding 15%, significantly higher than Japan's returns in the U.S. and Thailand. Additionally, a survey by the China-Japan Chamber of Commerce revealed that 88 percent of Japanese companies view China as an essential market for their operations beyond 2024.
The notion of decoupling or severing economic ties is mutually detrimental, as it would undermine the economic growth and stability both nations currently enjoy. Recent moves by the Japanese government to enhance economic security measures, influenced by external pressures, aim to weaken these ties. However, the ongoing delegation visit serves as a clear message of Japan's intention to maintain and strengthen its economic cooperation with China.
Reference(s):
cgtn.com
