Theopening ceremony of the Bank of Japan Beijing Representative was held inBeijing on December 23, 2003. Mr. Fukui Toshihiko, Governor of the Bank ofJapan, Mr. Zhou Xiaochuan, Governor of the People's Bank of China, Mr.Koreshige Anami, Japanese Ambassador to China, Mr. Muto Toshiro, DeputyGovernor of the Bank of Japan, Mr. Li Ruogu, Deputy Governor of the People'sBank of China attended the ceremony.
Inhis speech, Mr. Zhou Xiaochuan reviewed the history of economic and financialcooperation between the two countries and exchanges between the two centralbanks. He said that Japan and China are neighbors separated only by a strip ofwater. The historically close connection has been specially favorable to thecooperation between the two countries. Since the normalization of thediplomatic relations between China and Japan in 1972, there has been a rapiddevelopment in the two countries' economic, trade and financial cooperation.Japan has been China's largest trade partner for ten years in a row while Chinais Japan's largest exports destination and second largest trade partner. Forthe moment, Japan is also the country whose financial institutions have thebiggest presence in China. With the deepening of interdependence between thetwo countries in terms of economic development, the exchanges and cooperationbetween the two central banks have increased. The People's Bank of Chinaestablished its representative office in Tokyo in 1993 and the Bank of Japanalso designates its representatives in Japanese Embassy in China. In the meantime, the high level of exchange of visits and business between the two centralbanks has increased and the Currency Swap Agreement was signed in March of2003. In addition, the two central banks also have established exchanges andcooperation under the global and regional multilateral framework. He noted thatthe development of Sino-Japanese economic, trade and financial relations hasnot only benefited people in the two countries, but also contributed to theregional and global economic development and financial stability. Mr. Zhouobserved that the establishment of the Bank of Japan Beijing RepresentativeOffice has reflected the fruit of financial cooperation between the twocountries, and in the mean time met the demand of further strengtheningfinancial, economic and trade cooperation and realizing prosperity on bothsides. He believed that the Office will serve as an important bridge to enhancemutual understanding and exchanges between the two countries' financialcommunities.
Mr.Fukui Toshihiko said that the interdependence in terms of trade and investmentamong the East Asian countries, in particular between China and Japan, has beenincreasing. China's robust growth is currently backing the recovery of Japan'seconomy which has significant impact on the economies in East Asia. It is agreat challenge for both sides to explore further development of bilateralcooperation in the future based on common grounds reached between the twocountries regarding financial and economic development prospectus in East Asia.He believed that the establishment of the Bank of Japan Beijing RepresentativeOffice will further strengthen the exchanges and cooperation between the twocentral banks.
AmbassadorKoreshige Anami noted in his remarks that the set-up of the Office will bringnew opportunities for future cooperation between the two central banks. It willnot only help to improve the two countries' economic development, but also makecontribution to a stable growth of the entire Asia.
