The meeting called for improvement in the rule of law and promoting comprehensive legislation and legislative process in key areas, as well as deeper integration in military and civilian development.
Abe, for his part, said that Japan attaches high importance to its relationship with China. It is willing to take the opportunity of the 40th anniversary of the signing of the Japan-China Treaty of Peace and Friendship to promote comprehensive improvement of bilateral ties, to realize high-level exchanges, and to expand cooperation under the framework of strategic relationship of mutual benefit.
The threatened US tariffs on imports from China could cumulatively represent $150 billion, about 30 percent of total US imports from China. But since these threatened tariffs will be subject to negotiation－a 60-day public comment process which includes public comments until May 11 and a public hearing on May 15－a trade war could hopefully be avoided. But if a trade war does break out, it will have a pronounced effect on bilateral as well as global trade. The US and China would suffer significant slowdown in real GDP growth－a cumulative loss of about 1.0 percentage point－and the global economy growing at 2.5 percent in 2019 versus 3.0 percent in the baseline.
Establishment of the agency is a major decision made by the CPC Central Committee with Xi Jinping as its core based on the overall development of the Party and State, Yang said.
China will set up an international development cooperation agency, according to the plan on reforming institutions of the State Council unveiled on Tuesday.