【摘要】Recently,Japanese government and media always complain that their ODA only benefits China and hurts Japan,while some scholars in China argue that the initial goal of Japan’s ODA is for serving their trading with and investing in China,not for China’s development.Both opinions are plausible and waiting for reliable evidence.This paper use Dynamic Least Squares Method to estimate the co-integrated relationships among Japan’s ODA,Japan’s FDI to China and China-Japan’s bilateral trade,and then test the Granger causality relationships among them.Our econometric analysis indicates that Japan’s ODA do push up the bilateral trade and Japan’s FDI to China.There clearly exists a Win-Win link.At the same time,we found no evidence for some Chinese scholars’claim that ODA decisions of Japanese government have been driven by the bilateral trade and investment.