Choo Kyung-ho Debuts at International Conference: "Korea, China, and Japan Must Communicate and Cooperate Closely"

[Asia Economy Sejong=Reporter Kim Hyewon] On the 12th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho attended the '25th ASEAN+3 Finance Ministers and Central Bank Governors Meeting' held via video conference and emphasized the importance of regional policy coordination.

Deputy Prime Minister Choo urged member countries to cooperate in mitigating supply chain risks within the region through the "free and rules-based multilateral trading system" that ASEAN+3 has pursued despite difficult conditions such as global supply shocks. He also cautioned that export restriction measures by individual countries could unintentionally have negative spillover effects on other countries.

He further proposed that as real and financial linkages among ASEAN+3 countries strengthen, the regional financial safety net should be tightly built, including conducting CMIM test runs, to prepare for increased volatility in regional financial markets due to instability in international financial markets.

Finally, he emphasized the need to continue structural reform efforts to revitalize the regional economy beyond immediate economic challenges, as well as to pursue future-oriented policy coordination on new paths such as the transition to a digital and green economy.

This year’s joint chair countries of the meeting were Cambodia (ASEAN) and China. The meeting was attended by finance ministers and central bank governors from 13 countries including ASEAN and Korea, China, Japan, as well as the International Monetary Fund (IMF), Asian Development Bank (ADB), and the ASEAN+3 Macroeconomic Research Office (AMRO).

Member countries confirmed that their economies recorded a solid growth of about 6% last year due to increased vaccination rates and selective quarantine measures, but downside risks remain, including faster-than-expected monetary policy normalization in major advanced countries, ongoing supply chain disruptions, and inflationary pressures caused by the Russia-Ukraine conflict. They agreed that efforts to maintain macroeconomic stability and ensure long-term fiscal sustainability should continue, while policies supporting full economic recovery from the pandemic should be maintained for the time being.

On this day, Deputy Prime Minister Choo made his international conference debut through the Korea-China-Japan finance ministers and central bank governors meeting. At the meeting, he said, "Over the past two years, Korea minimized the economic shock from the pandemic through effective quarantine measures and bold policy responses, achieving a growth of 0.7% in the first quarter of this year, slightly exceeding market expectations. However, we are closely monitoring downside risks due to increased uncertainty in global financial markets." He added, "In response, the new government plans to focus economic policies on supporting small business damages, stabilizing the livelihood economy, timely response to domestic and external risks for macroeconomic stability, and enhancing the vitality of the private sector, markets, and enterprises."

He also emphasized, "To effectively respond to common challenges such as economic recovery from the pandemic, rebuilding multilateral international cooperation, and low birthrate and aging populations, the three countries of Korea, China, and Japan must communicate and cooperate closely."

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