China and Japan on Friday agreed to protect the multilateral trade system and enhance fiscal and financial cooperation as officials met in Beijing for the seventh financial ministers' dialogue.

The dialogue was attended by China's Minister of Finance Liu Kun and Japan's Deputy Prime Minister and Finance Minister Taro Aso, as well as other senior officials from finance ministries, central banks and financial regulators of both countries.

The two sides discussed issues including the macroeconomic situation, policies, and structural reform in China and Japan, bilateral fiscal and financial cooperation, and cooperation under multilateral frameworks.

Acknowledging that no country can benefit from protectionism, the two sides agreed to jointly protect and enhance the free, open, and rule-based multilateral trade system.

China and Japan pledged to increase cooperation in infrastructure, poverty reduction and development, regional fiscal and financial affairs, as well as regional economic and financial stability.

The two countries also exchanged views on third-market cooperation and agreed to maintain regular communication and share experiences on fiscal management and reform of fiscal and tax systems.

Officials from Chinese and Japanese central banks and financial regulatory bodies, attending the dialogue for the first time, reached consensus on further opening up financial markets to each other and carrying out multilateral and bilateral cooperation on financial regulation.

The two finance ministers were briefed on the results of a joint study on pension funds in China and Japan. A joint report will be released on this research, and the two sides agreed to keep on working together to study major issues of mutual concern.

The next China-Japan finance ministers' dialogue will be held in Japan in 2019.

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