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Chinese Premier Wen Jiabao (R) and Japanese Prime Minister Shinzo Abe wave to the audience as they attend an event of the 2007 Japan-China Culture and Sports Exchange Year at the National Theatre in Tokyo April 12, 2007. [Reuters]

The first meeting of the economic dialogue mechanism is expected to be held this year in Beijing.

Strengthening economic cooperation is a major component of the Sino-Japanese strategic, mutually beneficial relationship, said Chinese Premier Wen Jiabao, who co-chaired the launching ceremony of the mechanism with Japanese Prime Minister Shinzo Abe.

One aim of the dialogue mechanism is for the two countries to share economic development strategies and macro-economic policies, said Wen.

Another aim is for different departments from the two countries to coordinate economic cooperation and discuss major issues of common concern in bilateral cooperation, he said.

The mechanism will also enable the two countries to increase policy communications on major regional and international economic issues, and boost cooperation in a wider range of areas, he said.

From now on, the mechanism will play a role in planning and promoting Sino-Japanese cooperation in key areas such as energy, environmental protection, financing, telecommunications and intellectual property rights protection, Wen said.

Abe, for his part, said that the launching of the high-level economic dialogue mechanism is the implementation of the strategic, mutually beneficial relations in the economic sector, and a new step in the two countries' trade and economic cooperation.

China and Japan are indispensable trading partners for each other, said Abe. Strengthening cooperation between the two will play an important role in helping solve environmental and energy problems faced by the world, he said.

Abe called on the two countries to conduct dialogues from a global perspective, and boost the all-round development of Japan-China relations.

According to the recommendations of Wen and Abe, Chinese Vice Premier Zeng Peiyan and Japanese Foreign Minister Taro Aso will co-chair the dialogue mechanism.