Chinese finance minister resumes talks with Japanese counterpart after three-year delay
Meeting of Lou Jiwei and Taro Aso resumes Sino-Japanese dialogue after three-year delay
The two finance leaders discussed cooperation on economic, financial and international affairs in the Fifth China-Japan Finance Dialogue held at the Diaoyutai State Guesthouse complex, Xinhua reported.
The last dialogue was held in April, 2012 in Tokyo. The next meeting, scheduled for 2013 in Beijing was delayed amid tensions in the East China Sea.
Both sides yesterday also agreed to hold their sixth finance dialogue in Tokyo next year.
Jiang Lifeng, former director of the Institute of Japanese Studies at the Chinese Academy of Social Sciences, said that while contact between the two nations was increasing, it was too early to say if bilateral relations were improving.
"This was a finance discussion, but the state of Sino-Japanese relations depends largely on political and cultural discussions," Jiang said. "This meeting means that in the current political environment, it's the right time to push for cooperation."
A statement released later by Xinhua said "the ministers shared the common view that the dialogue is of important significance for both sides, which contributes to deepening exchange of the macroeconomic situation and policy measures of the two countries".
"The door is open" if Japan wanted to be part of the new Asian Infrastructure Investment Bank (AIIB) in future, a senior official accompanying Aso quoted the Chinese side as saying during the meeting.
The AIIB is seen as a competitor to the Manila-based Asian Development Bank, of which Japan is the biggest contributor. Last month, Japan unveiled a plan to provide US$110 billion for Asian infrastructure projects.
The amount represents a 30 per cent rise from Japan's infrastructure funding over the last five years and Japan's pledge is seen as a counter to China's growing economic influence in the region.
Neither the United States nor Japan have sought membership to the bank, whose charter is due to be signed later this month.
"Japan will likely look to the United States for its potential participation in AIIB," Jiang said. "This was evidenced by Shinzo Abe's visit to the US last month."
Peng Xi, deputy director of Nanjing University's Institute of Japanese Studies, agreed.
"Japan is very cautious about the AIIB and the pressure it has placed on the ADB," Peng said. "Its fear is that it will be sidelined by a China-led bank."
On Friday, Aso said he held talks with Vice-Premier Zhang Gaoli and agreed with him that the two countries would "continue dialogue at various levels and strengthen our relations of trust".
