In a sign of improving relations, Japanese Prime Minister Shinzo Abe visited China, the first visit by a Japanese Prime Minister since 2011. Together with Chinese President Xi Jinping, he announced 30 joint infrastructure projects related to the Belt and Road Initiative (BRI).

China and Japan also signed 12 intergovernmental agreements, including one on a bilateral currency swap of CNY200 billion. The swap agreement aims to safeguard the financial stability of both countries and will be valid for three years. Another agreement was signed to set up a renminbi clearance bank in Japan. The 10 other documents will boost bilateral cooperation in such fields as securities markets, innovation, sports, customs clearance and eldercare. In addition, over 50 deals, valued at more than USD18 billion, were inked by companies and financial institutions from both countries during the first China-Japan Third-Party Market Cooperation Forum, which was attended by Premier Li Keqiang. President Xi Jinping called for more efforts with Japan to expand common interests, safeguard multilateralism, support free trade and promote building an open global economy.

Trade between China and Japan surged 10.7% year-on-year to USD243.71 billion in the first three quarters of this year, according to China’s General Administration of Customs.