Finance Ministers and Central Bank Governors of Korea, China, and Japan Discuss Financial Cooperation Measures

[Asia Economy Reporter Jang Sehee] Finance ministers and central bank governors of Korea, China, and Japan evaluated that the spread of the novel coronavirus infection (COVID-19) has significantly impacted the regional economy by causing economic activity contraction, increased financial market volatility, and damage to the global value chain.

According to the Ministry of Economy and Finance on the 18th, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki and Bank of Korea Governor Lee Ju-yeol attended the "20th Korea-China-Japan Finance Ministers and Central Bank Governors Meeting" held via video conference on the same day.

At this meeting, the three countries discussed ▲ recent economic trends and outlook ▲ policy responses to the impact of COVID-19 ▲ measures to strengthen ASEAN+3 financial cooperation.

The Korea-China-Japan finance ministers held a video conference chaired by Deputy Prime Minister Hong and issued a joint statement containing these matters.

The three countries agreed that the COVID-19 crisis has had a significant impact on the regional economy, including contraction of economic activities, increased financial market volatility, and damage to the global value chain (GVC). Accordingly, they agreed to continue all policy efforts while remaining cautious of uncertainties.

Furthermore, they reaffirmed the importance of maintaining an open, rules-based multilateral trade and investment system.

This content was produced with the assistance of AI translation services.