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South Korea and China agree on closer economic cooperation
Source : Ministry of Strategy and Finance
At the 9th China-South Korea Finance Ministers' meeting held in Peking, China on Friday, July 23, the two parties showed a commitment to closer cooperation in broader areas.
The two countries agreed that external uncertainties do exist and both need to take these uncertainties into account when formulating macroeconomic policies. South Korea's Finance Minister YOON Jeung-hyun suggested that the two countries share experience concerning economic policies, expand private sector exchanges about promising businesses or business of interest to both countries, and increase bilateral cooperation in the international community such as in G20 meetings.
The minister also asked for China's cooperation regarding South Korean companies doing business in China and increased investment in South Korea. He also talked about regional issues such as East Asian Economic Integration and the Chiang Mai Initiative.
The two countries agreed on continuing cooperation in halting the spread of protectionism. China also said that it would play an active role in helping developing and emerging countries enhance capabilities to respond to external impact, particularly by facilitating establishing global financial safety nets.
China and South Korea reached an agreement on expanding private-sector exchanges in energy and environment related businesses, in particular new renewable energy businesses such as solar cell plant and wind power. South Korea promised to help Chinese enterprises participate in developing South Korea's west coast area, while asking China to help South Korean businesses with participating in developing ubiquitous cities in China.
