Heavyweights: China, SK, Japan to tackle global crisis

Discussion in 'Indo Pacific & East Asia' started by Koji, Jun 10, 2009.

  1. Koji

    Koji New Member

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    China, Japan vow to boost global recovery

    By Miwa Suzuki – 2 days ago

    TOKYO (AFP) — Global economic giants Japan and China Sunday pledged to throw their combined weight behind efforts to revive the struggling world economy after talks aimed at boosting trade between the two powers.

    The world's second and third largest economies also called for a resumption of stalled international talks to free up global trade and said they would launch joint assistance programmes for developing countries for the first time.

    "On the global economic and financial crisis, both countries agreed to implement what was agreed at the London summit swiftly and in a solid manner in order to realise the global economic recovery as soon as possible," said Japan's delegation leader, Foreign Minister Hirofumi Nakasone.

    At their London summit in April, the Group of 20 developed and major emerging economies agreed to commit one trillion dollars to the International Monetary Fund and other global bodies to help struggling economies.

    The G20 also said it would push for greater regulation of the global financial system to tackle the world's deepest economic crisis in decades, which has plunged Japan into recession and dented China's stellar growth.

    "Both sides underline the need to assume a consistent and responsible attitude to step up regional and international economic and financial cooperation," China's Vice Premier Wang Qishan said at a news conference with Nakasone.

    They were speaking after the second Japan-China High-Level Economic Dialogue, aimed at boosting trade and investment between the two nations, who are top trade partners but also economic rivals and competitors for resources.

    Japan, a high-tech and environmental technology leader, and China, the world's most populous country with a vast and cheap labour force, hope to increasingly join their economic forces for mutual benefit, experts have said.

    "We want to enhance bilateral trade ties further under this grand policy of forming strategic, mutually beneficial relations," said Wang, who was leading the Chinese delegation.

    Both China and Japan also called for an early conclusion to the Doha Round of trade talks under the World Trade Organisation (WTO) "so that the global economy will return onto a track of sustainable growth," Nakasone said.

    And they pledged to jointly give development assistance to developing countries, although they provided no details.

    The Japan Bank for International Cooperation and the Export-Import Bank of China agreed to "cooperate in foreign development aid to give financial support" to third countries, Japan's foreign ministry said.

    The two nations also tackled the thorny issue of their different views on how to deal with North Korea over its recent nuclear and missile tests.

    China's Foreign Minister Yang Jiechi reiterated Beijing's call for "an appropriate and balanced" UN Security Council resolution.

    Beijing, one of the council's five veto-wielding permanent members, has in the past blunted calls led by Washington and Tokyo for strong punishment of the isolated fellow communist country that neighbours China.

    Tokyo has pushed strongly for tougher sanctions that may include ship cargo inspections, a tighter arms embargo and new financial restrictions.

    Nakasone told Yang that "China's role as a regional power and a country with close ties with North Korea is great in this issue."

    China and Japan also addressed the rampant production of knock-off goods in Chinese factories that has hurt Japanese companies, and agreed to launch annual talks on jointly cracking down on copyright and trademark piracy.

    Japan also reiterated that China should scrap a plan to examine and certify more than a dozen types of IT products, including anti-hacking software, before foreign firms can sell them to China's government.

    The United States, Japan and other major IT manufacturers fear that China will use the process to learn software trade secrets.

    AFP: China, Japan vow to boost global recovery
     
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  3. Koji

    Koji New Member

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    China, Japan, SKorea to tackle financial crisis

    By JAE-SOON CHANG

    SEOUL, South Korea (AP) — The global financial turmoil and the standoff over North Korea's nuclear programs will top the agenda when leaders of South Korea, China and Japan meet this weekend, a senior Seoul official said Thursday.

    South Korean President Lee Myung-bak, Chinese Premier Wen Jiabao and Japanese Prime Minister Taro Aso are scheduled to hold a summit in the Japanese city of Fukuoka on Saturday.

    "The three leaders will focus discussions on financial issues," a senior aide to President Lee told reporters. "Financial cooperation among the three countries will contribute to stabilizing the global financial market."

    The official, who spoke on condition of anonymity citing office policy, said the impasse over North Korea's nuclear program will also be a key topic at the upcoming talks.

    China also said the financial crisis will be a major agenda item.

    "Under the current financial crisis, the cooperation among the three countries and the meeting among the leaders of the three countries are of very important significance," Chinese Foreign Ministry spokesman Liu Jianchao said. "We hope the three countries can join hands to meet the financial crisis."

    The three Northeast Asian nations have held summits on the sidelines of broader international meetings but it's the first time they'll be holding an independent three-way summit.

    Besides the main trilateral session, South Korea will also hold bilateral meetings with China and Japan.

    South Korea hopes to use those meetings to conclude agreements with its neighbors that will allow Seoul greater access to the foreign currency reserves of Tokyo and Beijing, the official said.

    Those deals, if reached, will help reduce fears Seoul could suffer a foreign exchange crisis due to the global financial turmoil.
     
  4. yang

    yang Regular Member

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    To say the truth, the first artical mainly describe a image which shows the "possibility" of the cooperation of the two countries-----China and Japan ,which is Japan as a a high-tech and environmental technology leader may sell its high tech products to China the biggest markets in the world, but Japan just want to share the big cake never want to transfer technology, but China hope can make full use of the precious opportunity to abtain what it really want. the two countries can cooperate if the two sides all meet each other half way, but it may not come so easy. And China should be conscious that everycountry is trying to protect itself, don't be so ignorant, must learn something from the Chinalco - Rio takeover.
    as for S-korea, in a word "自不量力"(to overestimate one's strength or oneself; not to know one's own limitations)。Just like another France in east asia. "the idea of New Asia "????
     
  5. thakur_ritesh

    thakur_ritesh Administrator Administrator

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    koji, please put a link there.

    thanks.
     
  6. Yusuf

    Yusuf GUARDIAN Administrator

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    The article talks of mutual cooperation. How will that help global economy?
     
  7. yang

    yang Regular Member

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    The data below shows GDPcorrections of Japan

    1-3 month capital expenditure GDP GDPannualized rate

    median -9.1 -4.0 -15.0

    highest -7.1 -3.6 -13.8

    lowest -11.2 -4.4 -16.6

    4-6month GDP GDPannualized rate

    median 0.5 2.0

    highest 1.2 4.8

    lowest -0.1 -0.4



    And Japan's economics in the first season slow down at the rate of -4%, and the expert predicted that it will be better in 4-6 month, may grow up at the rate of 0.5%.

    So, no body can help the others.
     
  8. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    all three are holding huge amounts of US debt and treasuries with decreasing asset value and o % interest on the treasuries it will be interesting to see what solution they will come up with to maintain the economy and preserve their asset value.
     
  9. ZOOM

    ZOOM Founding Member

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    Yang Honey, you seems to be contradicting what is the actual purpose of China's and Japan's role in pulling Global economic health from crisis. Both of your post only seems to be directed towards gaining more for China rather then for entire world, which is actually the key purpose of both's bilateral cooperations.
     

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