On May 7, 2008, Chinese President Hu Jintao attended the welcome luncheon hosted by key Japanese business organizations in Tokyo and delivered an important speech entitled Sharing Opportunities and Seeking Common Development. Hu pointed out that to expand and deepen China-Japan economic and trade cooperation is in line with the fundamental interest of both countries and their people and a necessary condition to comprehensively deepen the strategic and reciprocal relations between the two countries. Under the current international situation, the business communities of China and Japan should proceed from a strategic and long-term perspective to seize favorable opportunities and expand the cooperative scope and channels so as to push the bilateral economic and trade cooperation to a higher level.

The luncheon was held in the conference hall of Nippon Keidanren. Once President Hu accompanied by the heads of major Japanese business bodies stepped into the hall, all the audience stood up and applauded warmly.

Hu delivered an important speech to the luncheon. He noted that the business community of Japan has been a major force for China-Japan friendship and played a critical role of improving and developing the bilateral relations over the years. Since 1972 when China and Japan normalized diplomatic relations, the bilateral economic and trade cooperation has achieved unprecedented progress and formed an all-round, wide-scope and multi-level pattern. The two countries share economic interdependence and are one of the most important trade partners to each other. China has become the fastest growing export market of Japan while Japan is the country where China's largest foreign investment comes. The remarkable achievements of bilateral economic and trade cooperation contribute greatly to the development of both countries.

Hu said that looking into the future China and Japan enjoy economic complementarities and the bilateral economic and trade cooperation boasts promising prospects. The sustained and rapid growth of Chinese economy not only benefits the 1.3 billion of Chinese people but also will create more business opportunities to its partners including Japan and open greater space for China-Japan economic and trade cooperation. China pursues reform and opening up unswervingly and faithfully implements its commitment to the WTO. It will participate in international economic and technological cooperation and competition in wider areas and at higher levels, which will create more favorable conditions for China-Japan economic and trade cooperation. The improvement of bilateral economic and trade cooperation mechanism and high-level economic dialogue system will provide stronger guarantee for China-Japan economic and trade cooperation. The accelerating cooperation process in East Asia and the dynamic development and great prospects of various cooperation mechanisms within the region will build a sound platform for the bilateral economic and trade cooperation.

He briefly introduced China's economic situation since the beginning of this year and raised 4 points of suggestions on further promoting China-Japan economic and trade cooperation:

I. To strengthen cooperation in the fields of energy efficiency and environmental protection. China is stepping up efforts of building a resource-saving and environmentally friendly society as required by the construction of ecological civilization. Japan has advanced energy-efficient technologies and the two countries enjoy a bright future of cooperation in that regard. It is hoped that the business communities, the governments and people of both countries join hands to make such cooperation a new bright spot and growth spot of bilateral economic and trade cooperation.

II. To actively participate in the regional development process of China. China will continue to implement the general strategy of regional development, push forward the western development, comprehensively rejuvenate the old industrial bases including the northeast region and promote the rise of central region, which will generate huge market potential and investment demand. The Japanese business community is welcomed to take its advantages to give priority to personnel and technology exchanges and cooperation with China. China will continue to facilitate such efforts.

III. To boost business cooperation between the two countries. The large businesses of both countries should take the lead to expand exchanges and cooperation in new and high-tech areas and raise such cooperation to new levels. In Japan the small and medium-sized enterprises (SME) make up 99% of Japan's total enterprises and play an important role of promoting economic growth and making overseas investment. The Chinese government attaches great importance to the development of SMEs and has launched a series of policies supporting them. It is hoped that the SMEs of both countries strengthen information exchange and conduct flexible and mutually beneficial cooperation.

IV. To reinforce cooperation in regional and global economic affairs. In response to economic globalization the Chinese enterprises are implementing the "going-out" strategy while the Japanese companies are active players in the international market. Both sides can complement with each other with their advantages. They may start from making joint efforts to explore the international market and discuss how to conduct mutually beneficial cooperation in international and regional economic affairs and expand cooperation scope.

Hu finally said that the potential of China-Japan economic and trade cooperation is limitless. He expressed sincere hope that the friends of Japanese business community would continue to carry on the fine tradition and make joint efforts with the Chinese side to constantly push forward China-Japan economic and trade cooperation, promote the common prosperity of both countries and bring greater benefit to their people.

Speaking at the luncheon, Mitarai Fujio, Chairman of Nippon Keidanren, on behalf of the Japanese business community, extended sincere welcome to President Hu and indicated confidence that President Hu's visit would further promote the development of bilateral ties.

Wang Huning, member of the Secretariat of the CPC Central Committee and Director of the Policy Research Office of the CPC Central Committee and State Councilor Dai Bingguo were also present at the luncheon.