S. Korea needs to intensify policy cooperation with China

SEOUL (Yonhap) - South Korea needs to intensify its policy cooperation with China as both nations face similar economic and social problems, the nation's finance ministry said Wednesday.
The emphasis on bilateral cooperation came before Finance Minister Bahk Jae-wan and his Chinese counterpart Zhang Ping, the chairman of the National Development and Reform Commission, were to hold a meeting later in the day in Seoul to discuss their views on pending issues.
"The need is growing for policy cooperation including sharing of experience related to economic measures," the finance ministry said in a press release.
"(In this regard) policy consultation is being pursued on coping with such issues related to expanding domestic demand, advanced industrial structures, the service sector, low birth rates, aging populations and climate change, which confront both Korea and China," the ministry added.
The ministry added that Japan is also dealing with similar issues.
South Korea, in particular, needs to better prepare for changing market conditions in China, which is moving to a "consumer market" from a "production market," the ministry said.
"We need to accelerate our companies' advance to the Chinese market and it is urgent to undergo both basic and in-depth research aimed at using the changes taking place in China as motivation for restructuring ourselves."
The ministry noted that growing domestic market in China will help its own economy make a "soft landing," while at the same time boosting regional demand and improve the overall economic structure of other Asian countries vulnerable to a global financial crisis.