China hopeful of Japan’s market economy label

China hopeful of Japan’s market economy label

Beijing: China has said it was hopeful that Japan would recognise the communist nation’s market economy status “as early as possible". This comes up after the two nations wrapped up their first high-level economic dialogue in a sign of thawing in their often uneasy ties.

The two nations have decided to hold their second economic dialogue by the end of 2008, a joint communique issued after the weekend talks said.

Even after the conclusion of the talks, concerns still remained on the long running row over exploration of energy resources in the East China Sea.

The two have had 11 rounds of talks on the dispute on East China but are still to frame any solution on the issue although the timeframe set by the top leadership for the solution should be found by the autumn.

Nearly 30 years after it launched market-oriented reforms, China has become the world’s largest anti-dumping target because of it being labelled as a “non-market economy."

Vice Minister of Commerce Chen Deming said during the dialogue that he hoped Japan could make a “wise political decision" and recognize China as a full market economy as early as possible, so as “to inject new vitality" to the bilateral trade relations.

Chen further said China was Japan’s largest trading partner and exporting market with fastest growth, while Japan is China’s third largest trading partner and second largest foreign investment source.