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China-Japan economic, trade ties have great potential to tap

(Xinhua)
Updated: 2008-05-05 11:40

Thanks to joint efforts by both countries, economic and trade relations between China and Japan have registered rapid growth since China adopted the reform and opening-up policy in 1978.

As each other's key trade partner, the two nations have become increasingly interdependent.

Japan has long been China's most important trade partner. During the 11 years since 1993, Japan had been China's biggest trade partner. In 2007 China was Japan's biggest trade partner, while Japan became China's third biggest trade partner, with their two-way trade keeping two-digit growth.

According to statistics released by China's Ministry of Commerce, two-way trade between the two countries climbed by 13.8 percent year-on-year to $236 billion in 2007. Japan became China's biggest exporter and its fourth biggest export market.

The growing bilateral trade volume has also led to changing trade pattern between China and Japan, as mechanical and electrical products with higher technology content have gradually taken the place of products with low value added such as raw materials and textiles.

According to statistics by both countries, mechanical and electrical products accounted for more than half of their trade volume in 2007, an indication that the two countries have become more interdependent in their economic growth.

Moreover, along with China's economic growth and technical advance, Japan has increased its total investment in China and broadened the spheres for its investment in the country.

Figures published by China's Ministry of Commerce show that Japan's investment in China had reached $60.7 billion by 2007. Its direct investment in the country has also undergone a shift from processing industries such as raw material and foodstuff to manufacturing such as mechanical and electrical industry.

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