China-Japan economic cooperation and trade likely to grow in 2021

With the easing of the COVID-19 pandemic and the recovery of the world economy, China-Japan economic and trade cooperation is expected to grow this year, a report said.

In 2020, the COVID-19 pandemic dealt a heavy blow to Japan's economy and society. Japan's economy shrank in 2020, with real GDP growth of -4.8 percent. Moreover, personal consumption remained weak, enterprise equipment investment shrank substantially, export and import both grew negatively, the unemployment rate rose and workers' incomes declined in the country, the report said.

In the near future, there are still uncertainties in Japan's economy, but in one year or two, Japan's economy will gradually recover as the impact of COVID-19 moderates, said Zhang Jifeng, vice-chairman of the National Japanese Economic Association.

Moreover, according to the report, Japan's exports deceased by 11.1 percent year-on-year in 2020, while its exports to China increased by 2.7 percent compared with that of the previous year.

"The growth of China-Japan trade and investment reflects the strong resilience of the bilateral economic ties, and both countries' reliance on each other," Zhang said.

He said that uncertainties still exist, as the epidemic is still spreading and unilateralism and trade protectionism are still affecting the world economy, but the prospect of China's economic development is good, which was the only country in the world to achieve positive economic growth in 2020.

"This year, as the pandemic eases, and both countries' economies recover, bilateral trade and economic cooperation are likely to see growth again," he said.

He said China-Japan economic and trade cooperation enjoys a huge potential for development in a wide range of areas, including scientific and technological innovation, energy conservation and environmental protection, healthcare and digital economy.

The report was co-released by the National Japanese Economic Association, the Institute of Japanese Studies of the Chinese Academy of Social Sciences and the Social Sciences Academic Press (China) in Beijing on Friday.