Ｓｉｎｏ－Ｊａｐａｎｅｓｅ　Ｅｃｏｎｏｍｉｃ　Ｒｅｌａｔｉｏｎｓ：Ａ　Ｃｈｉｎｅｓｅ　Ｐｅｒｓｐｅｃｔｉｖｅ

Ｈｅ　Ｌｉｐｉｎｇ

The bilateral trade between China and Japan amounted to US$236 billion in 2007,reflecting an increase of 20.6 percent compared with the previous year,33 times over the trade volume at the beginning of the reform and opening up.This vast volume and fast growth took place amid China's accession into the World Trade Organization at the end of 2001 and increased trade disputes between the two countries,not to mention recurrent foreign exchange rate fluctuations in interna- tional currency markets and somehow intensified fears in Japan of China's enhanced competitiveness.