The 40th anniversary of the signing of the Sino-Japanese Treaty of Peace and Friendship is expected to help the two countries improve their bilateral relationship by exploring potential cooperation under the Belt and Road Initiative, a white paper said.

The Japanese Chamber of Commerce and Industry in China released the 2018 Japanese Business in China White Paper on Wednesday. It noted that an increasing number of Japanese companies have shown interest in the China-proposed initiative, saying it can boost regional interconnectivity and catalyze economic growth.

Yasuteru Hirai, the president of the chamber, said the initiative could motivate Japanese companies to seek greater business opportunities along the Belt and Road routes. Japan's own regional connectivity projects also complement the initiative and strengthen regional cooperation, he said.

The white paper said China and Japan are important trade partners, with 32,313 Japanese-funded enterprises in China by 2017. That accounted for 7.9 percent of the total number of foreign-funded enterprises in the country, making Japan the No 1 investor.

The country is Japan's largest trading partner, with total bilateral trade hitting $329.93 billion last year, according to the paper.

Takeo Donoue, director general of the Japan External Trade Organization's Beijing office, said as two important neighboring countries in Asia, China and Japan have huge potential for cooperation under the Belt and Road Initiative to help deliver more rapid and sustainable growth, given the region's high demand for infrastructure. China and Japan could also use this opportunity to improve their bilateral relationship, he said.

The white paper was written based on a survey of 8,841 Japanese companies in China. It noted that Japanese companies are aware of the Belt and Road Initiative's importance, but many of them lack understanding of its specific conditions and policy measures.

It suggested the two countries could grasp the opportunities brought by the initiative to boost regional and global economic growth.