Since the normalization of Sino-Japanese Relations，the economic and trade relations between China and Japan have been deepening along with the process of China’s reform and opening up，but there has been no significant breakthrough in financial cooperation between the two countries. Under the multilateral framework，the development of Asian financial integration promoted by China and Japan lags behind that of regional trade and investment integration in Asia. In the bilateral cooperation，China-Japan financial cooperation has made some progress，which however is still at its beginning stage. In recent years，the changes in the international political and economic situation have brought new opportunities and challenges to China-Japan financial cooperation. While the two countries are jointly promoting Asian financial cooperation，bilateral direct cooperation will also continue to develop.