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Japan and China agree to bolster economic cooperation amid trade war

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

At the outset of a meeting with his Chinese counterpart Liu Kun in Beijing, Japanese Finance Minister Taro Aso said the economies of both countries are «in an important phase.»

Aso, doubling as deputy prime minister, also expressed a willingness to improve Japan-China relations further, prior to a planned visit by Japanese Prime Minister Shinzo Abe to China in October.

In May, Japan and China agreed to resume their currency swap arrangement in times of financial emergency, while Beijing promised to grant Tokyo a 200 billion yuan (about $ 29 billion) investment quota in yuan-denominated stocks and bonds.

During their meeting, Aso and Liu are believed to have exchanged views on how to move ahead with economic and financial cooperation between their two nations.

In recent years, Sino-Japanese ties have been mired in a territorial row over the Senkaku Islands — Japanese-administered uninhabited islands, called Diaoyu in China, in the East China Sea. Tensions escalated especially after the Japanese government effectively put them under state control in September 2012.

But bilateral relations have been improving, with both sides reflecting positively on the 40th anniversary this year of the signing of a friendship treaty between the two countries.

All — Kyodo News+

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