Chongqing - Qin Gang, Chinese State Councilor and Foreign Minister, held talks with Yoshimasa Hayashi, Japan's Minister for Foreign Affairs, in Beijing on April 2.
This year marks the 45th anniversary of the signing of the China-Japan Treaty of Peace and Friendship. Qin emphasized the need for Japan and China to enhance dialogue and communication, promote practical cooperation, and increase people-to-people exchanges.
In an exclusive interview with Bridging News, Masahiro Morinaga, the chief representative of the Japan External Trade Organization in Chengdu, discussed the potential of economic and trade exchange to deepen the relations between Japan and Chongqing further.
Masahiro Morinaga, the chief representative of Japan External Trade Organization in Chengdu, said Japan and China benefited the most after the RCEP came into effect. (Photo/Wang Yiling)
Mari Takada, Consul General of the Japanese Consulate General in Chongqing, highlighted the significant role of Japanese-funded enterprises in Chongqing's economic development and trade relations between Japan and Chongqing, dating back to the 1980s and 1990s.
As the Regional Comprehensive Economic Partnership (RCEP) agreement came into force on January 1, 2022, Takada emphasized that this agreement, aimed at enhancing regional economic connectivity, is expected to positively impact trade, investment, and finance between China and Japan.
Mari Takada, Consul General of the Consulate General of Japan in Chongqing. (Photo/China Council for the Promotion of International Trade Chongqing Committee)
An attractive investment destination for Japanese enterprises
"In the RCEP region, the trade volume between China and Japan remains the largest," highlighted Masahiro Morinaga, chief representative of the Japan External Trade Organization in Chengdu.
With the implementation of the RCEP, tariffs generated by China-Japan trade will gradually reduce and eventually reach zero tariffs.
"Japan and China are benefiting the most from the RCEP coming into effect," added Morinaga. "Chongqing is an attractive investment destination for Japanese enterprises, with the import and export trade between Chongqing and Japan reaching about 30.2 billion yuan (about USD 4.39 billion) in 2022."
As Chongqing continues to develop strong industries, such as electric vehicles, onboard batteries, autonomous driving, new materials, communications, and high-end technology, emerging enterprises are also flourishing.
"Chongqing serves as a crucial manufacturing production base, and Japanese manufacturing companies entered the Chongqing market at an early stage," noted Morinaga. "Nowadays, there are numerous foreign-funded enterprises in Chongqing, spanning across sectors such as automobiles, motorcycles, electrical appliances, and electronics, which are constantly developing and forming industrial clusters."
Standing out for its full-fledged logistics and manufacturing
"Chongqing, despite being located inland, serves as a transportation hub in China," pointed out Morinaga. "It connects Europe and Southeast Asia, linking Shanghai and the Pacific Ocean through the Yangtze River."
With the China Railway Express to Europe and the New International Land-Sea Trade Corridor connecting Southeast Asia, Chongqing boasts a robust logistics infrastructure that stands out in the global industrial chain, Morinaga emphasized.
He further noted that many Japanese manufacturing enterprises in Chongqing import parts from Japan, Southeast Asian countries, or other Chinese cities, which are then assembled in Chongqing and sold in China or Southeast Asian markets.
In recent years, the consumer market in Chongqing, particularly in fashion, food, and culture, has gained significant attention.
Morinaga emphasized the need to make Japanese enterprises aware of the business opportunities across various sectors further to deepen economic and trade cooperation between China and Japan.
240 Japanese enterprises in Chongqing so far
Representatives of Chongqing and Japan attended China (Chongqing)–Japan Economic and Trade Exchange Conference. (Photo/Wang Yiling)
Last week, the China (Chongqing)-Japan Economic and Trade Exchange Conference was held in Chongqing.
The exchange conference aimed to establish a dialogue and exchange platform between the Chongqing government and Japanese enterprises in Chongqing, further deepening trade cooperation between the two countries.
According to the Consulate General of Japan in Chongqing, there are currently 240 Japanese enterprises operating in Chongqing as of March.
The China Council jointly organized this conference for the Promotion of International Trade (CCPIT) Chongqing Committee, the Chengdu Representative Office of Japan External Trade Organization, and the Chongqing Japanese Commerce & Industry Club.