BEIJING -- Chinese Vice Premier Wang Yang said at a meeting on Tuesday that China will speed up construction of a modern market system.

During the meeting with Chairman and Chief Executive Officer Scott Davis of United Parcel Service, Wang said China will build an open economic system, improve the environment for foreign investment, and actively push forward economic and trade cooperation with the United States.

On the same day, Wang also met a delegation of the Japan-China Association on Economy and Trade, led by JCAET President Cho Fujio and top advisor Yonekura Hiromasa, which consisted of over 140 business people from Japanese companies.

Wang said, as an important neighbor to each other, it is in the fundamental interests of both people for China and Japan to promote the healthy and stable development of bilateral relations.

He urged the Japanese side to face up to and properly handle the outstanding problems in bilateral ties and improve bilateral ties.

He also expressed hope that the two sides would further deepen economic and trade cooperation on a path of mutual benefit, win-win and common development.