ID :
209975
Wed, 09/28/2011 - 12:56
Auther :
Shortlink :
https://oananews.org//node/209975
The shortlink copeid
S. Korea, China agree to boost economic policy cooperation (Update)
SEOUL, Sept. 28 (Yonhap) -- South Korea and China agreed Wednesday to intensify policy cooperation as they face tough challenges stemming from the deepening global financial crisis, Seoul's finance ministry said.
The agreement was made between Finance Minister Bahk Jae-wan and his Chinese counterpart Zhang Ping, the chairman of the National Development and Reform Commission, who held a meeting in Seoul to discuss their views on pending issues.
"Advanced nations, including the United States and Europe, which have led the global economy so far, have shown their limit in leadership as they suffer from the fiscal crisis and it has become tough to remain optimistic that the global economy will make a recovery in a short period of time," Bahk said in a prepared opening speech.
"Now the role of Asia is drawing all the more attention ... and so is the importance of regional cooperation. ... Though we face tough challenges, I am confident that we can get over them if we bring our heads together and strengthen our cooperation."
Zhang Ping agreed with Bahk's view, saying that the global economic recovery is losing much of its momentum in the face of the fiscal crisis in advanced nations, the ministry said.
He noted that cooperation between China and South Korea will be a great help not just for the two nations in economic prosperity but also for Asia and eventually for the whole world economy.
The meeting marked the 10th of its kind held between economic chiefs of the two nations since it was upgraded to a ministerial gathering in 1999. Before that, both countries held such meetings between vice minister-level officials to exchange views on economic and financial pending issues.
They agreed to meet again in China next year when the two nations mark the 20th anniversary of establishing diplomatic ties, the finance ministry here said.
Meanwhile, the ministry said in a report unveiled earlier in the day that South Korea needs to strengthen cooperation with China as both nations face similar economic and social problems.
"The need is growing for policy cooperation including sharing of experience related to economic measures," the ministry said.
"(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," it added.
The ministry noted 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," it 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 said 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.
The agreement was made between Finance Minister Bahk Jae-wan and his Chinese counterpart Zhang Ping, the chairman of the National Development and Reform Commission, who held a meeting in Seoul to discuss their views on pending issues.
"Advanced nations, including the United States and Europe, which have led the global economy so far, have shown their limit in leadership as they suffer from the fiscal crisis and it has become tough to remain optimistic that the global economy will make a recovery in a short period of time," Bahk said in a prepared opening speech.
"Now the role of Asia is drawing all the more attention ... and so is the importance of regional cooperation. ... Though we face tough challenges, I am confident that we can get over them if we bring our heads together and strengthen our cooperation."
Zhang Ping agreed with Bahk's view, saying that the global economic recovery is losing much of its momentum in the face of the fiscal crisis in advanced nations, the ministry said.
He noted that cooperation between China and South Korea will be a great help not just for the two nations in economic prosperity but also for Asia and eventually for the whole world economy.
The meeting marked the 10th of its kind held between economic chiefs of the two nations since it was upgraded to a ministerial gathering in 1999. Before that, both countries held such meetings between vice minister-level officials to exchange views on economic and financial pending issues.
They agreed to meet again in China next year when the two nations mark the 20th anniversary of establishing diplomatic ties, the finance ministry here said.
Meanwhile, the ministry said in a report unveiled earlier in the day that South Korea needs to strengthen cooperation with China as both nations face similar economic and social problems.
"The need is growing for policy cooperation including sharing of experience related to economic measures," the ministry said.
"(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," it added.
The ministry noted 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," it 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 said 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.
