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The administration of former Japanese Prime Minister Shinzo Abe implemented a strategy understood as a “dual approach” that proactively promotes economic cooperation with China. What kind of economic cooperation will Abe’s successor, Yoshihide Suga, implement with China in the context of the escalating competition over security? In 2018, Japan–China Third Country Business Cooperation (TCBC) project was launched treating China as an equal partner. However, Japan and China have different concepts of “economic cooperation” under the TCBC framework, leading to discrepancies in their expectations.