The two countries have strong economic and diplomatic ties and have held regular joint exercises in recent years.
Their naval forces will take part in the exercise in "water and airspace" off the military port and seaside resort of Qingdao in eastern China, according to the statement.
"Following the exercise, certain forces from both sides will conduct a joint naval patrol in relevant areas in the Pacific Ocean," the statement said, without specifying which areas were involved.
According to the statement, the exercise aims to "jointly address security challenges and protect regional peace and stability."
