With a positive outlook for the bilateral relations, both China and Japan are looking to press ahead with closer economic cooperation.

The consensus came amid Chinese State Councilor and Foreign Minister Wang Yi’s meeting with former Japanese Prime Minister Yasuo Fukuda ahead of a talk between entrepreneurs and former officials from both sides in Beijing.

Fukuda joined business leaders, former senior officials, and other experts for the fourth round of Sino-Japanese Entrepreneurs and Former High-level Officials Dialogue in Bejing.

"With efforts from both sides, relations between China and Japan are back on the right track. And our ties are further strengthening. So the mechanism of the dialogue should keep pace with the current situation, by considering the development path of our relations," said Wang.

Wang noted China and Japan should consolidate legal agreements on their diplomatic relations as the China-Japan Treaty of Peace and Friendship reaches its 40-year mark. In 1978, then Chinese Vice Premier Deng Xiaoping signed the treaty with Yasuo’s father, Fukuda Takeo, Japan’s prime minister at the time.

Fukuda Yasuo said the relationship between the two nations highly benefits the eastern Asian region and the entire world, therefore the ties between the two should not derail.

"The bilateral relationship between Japan and China is a very important one. Although there are some barriers between our ties, we must pave the way for future reforms. Japan and China should work jointly on future developments," said Fukuda.

The latest round of dialogue between Chinese and Japanese entrepreneurs and former high-level officials kicks off in Beijing Thursday.

The gathering will discuss and identify cooperation strategies amid a complicated global situation.