CHINA, JAPAN THAW TIES WITH SECURITY, FINANCIAL ACCORDS
TOKYO— Navigating a relationship complicated by various disputes over decades, Japan and China moved to renew ties on Wednesday and agreed on military and financial cooperation as well as more substantive talks later this year.
During talks after a trilateral summit with Seoul on the denuclearization of the Korean Peninsula, Japanese Prime Minister Shinzo Abe and Chinese Premier Li Keqiang agreed on the need for better ties between the two superpowers.
Security hotline
The two leaders agreed to set up within 30 days a security hotline for senior officials to communicate during incidents involving each others’ naval vessels or military aircraft.
Besides the hotline, the two leaders also agreed on a mechanism, known as the Code for Unexpected Encounters at Sea, for their naval vessels to communicate at sea to avert maritime incidents.
China also granted Japan a 200-billion-yuan ($31.4-billion) investment quota allowing Japanese financial institutions for the first time to buy Chinese stocks, bonds and other assets.
Li was also quoted as saying that China holds a positive attitude toward setting up a yuan clearing bank in Tokyo.
Abe also announced that he would visit China this year, the first time a Japanese prime minister would visit Beijing since 2011, when Yoshihiko Noda met then Chinese President Hu Jintao.
Invitation
“As we mark the 40th anniversary of the Japan-China peace and friendship treaty this year, I wish to build a relationship where leaders can easily visit each other,” Abe said.
“Premier Li offered an invitation for me to visit China. I expressed my gratitude and said I look forward to visiting China at an appropriate time,” he added.
Abe has visited China for regional summits in recent years, holding talks on the sidelines of Asia-Pacific Economic Cooperation meetings with Chinese President Xi Jinping.—