Thursday, October 21, 2010

Japan Urged to "Show Sincerity" in Mending Ties with China

The economic cooperation between Japan and China continued unabated at the end of October 2010.

On October 20, the Nihon Keizai Shimbun reported that Tokyo Electron would build a factory in China which would build LCD production equipment. The newspaper also reported that Renesas, a Japanese semiconductor company, would move part of its product development authority to China and it would increase the number of Chinese design companies it partners with from 40 to 100. As part of this plan, Renesas would develop 300 new products in China.

But apparently, all these joint economic projects seemed like small fries to China because on October 21, the Assistant Chinese Foreign Minister demanded that Japan “show sincerity” and do something substantial to fix the relationship between China and Japan.

Okay.

On October 23, the Nihon Keizai Shimbun reported that Daikin Industries, a Japanese multinational, would increase its production of fluorine resins and rubber at one of its Chinese factories by 150%.

On October 24, Japan agreed to participate in 44 joint projects with China which involved energy conservation and environmental technologies. Toshiba agreed to develop a smart grid system with Tsinghua University. Nissan agreed to install a new traffic information system in Beijing that would conserve energy. The Nihon Keizai Shimbun reported that the Chinese National Development and Reform Commission had selected Hitachi to develop an eco-friendly zone in Dalian. Hitachi would design an area that included offices, research institutes, universities, and residential areas. The plan would include a smart grid, solar power, and a comprehensive water management system. The newspaper also reported that Mizuho Corporate Bank would participate in the project to build a community powered by renewable energy in Tianjin, China. Mizuho agreed to arrange financing for the project and agreed to refer companies to participate in the project.

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