China and Japan pledged on Sunday to boost their financial cooperation as the global economic situation remains "complex and grim."

   "Financial cooperation is a major part of the economic cooperation between China and Japan," said Chinese Vice Premier Wang Qishan as he met with visiting Japanese Finance Minister Jun Azumi.

Wang said he hoped the two economies would step up communication and coordination to deepen financial cooperation, and carry out research actively in settlement of trade and investment in local currencies to develop their financial markets in a healthy and stable way.

"As the current world economic situation remains very complex and grim, it's a priority task for all the countries to secure the recovery of the global economy," said the vice premier.

China and Japan should make joint efforts with the other members to ensure the success of the Los Cabos summit and spur reform of the international economic and financial system with a view to pushing ahead with the world's economic recovery, he said. The next G20 summit is scheduled to be held in Los Cabos, Mexico, in June this year.

Wang said the fourth China-Japan high-level economic dialogue will be held later this year in Japan.

"I hope the two sides will give full play to the dialogue mechanism, as a useful platform, to deepen cooperation in trade, investment and finance," Wang said.

Azumi told Wang that Japan is working hard to tackle deflation and its fiscal deficit in the country.

Xinhua