Since the birth of the Abe administration，its economic policy，so called “Abenomics，” especially by adopting “aggressive monetary policy （first arrow of the three arrows of “Abenomics”）” and “flexible fiscal policy （second arrow），” has brought in certain outcomes including materializing inflationary expectation and boosting the stock market. At the same time，the administration has taken a tangible step forward，including confirmation of implementing the planned raise of consumption tax rate in April this year，to consolidate the Japan’s fiscal situation which has been the worst in the advanced countries. The country is now facing a challenge to activate virtuous cycles of revitalizing its economy and fiscal consolidation through promoting private investment and encouraging wage increase by decisively implementing the Growth Strategy which consists of numerous structural reforms. In doing so，Japan could suggest some lessons to China which is also in the process of unprecedentedly deep and broad reform process and in turn Japan could learn from China conducting the challenging reforms. In this particular perspective，possible bilateral exchange of experience，views and opinions between relevant bodies of the two countries could substantially contribute to their reform process.