High-Level Meeting of Korea-China-Japan Financial Authorities Held... Discussion on Responding to Financial Market Volatility

On the afternoon of the 3rd, Kim So-young, Vice Chairman of the Financial Services Commission, exchanged views on financial policy issues among Korea, China, and Japan and discussed cooperation measures at the 11th Korea-China-Japan Senior Financial Authorities Meeting hosted by the Financial Services Commission and the Financial Supervisory Service, held at the Bankers Club in the Korea Federation of Banks building, Jung-gu, Seoul.

[Asia Economy Reporter Song Hwajeong] The Financial Services Commission and the Financial Supervisory Service announced on the 3rd that they held the '11th Korea-China-Japan Financial Authorities High-Level Meeting' and discussed major financial policy issues and responses to the global market situation recently faced by the three countries together with the China Banking and Insurance Regulatory Commission (CBIRC) and the Japan Financial Services Agency (JFSA).

Kim Soyoung, Vice Chairman of the Financial Services Commission, said in her opening remarks, "Korea, China, and Japan face a common challenge of rapidly increasing financial market volatility, and since each country has structural problems, careful financial policies are necessary. Also, the rapid digitalization trend in finance is changing the paradigm of financial regulation, and responding to such financial innovation is a challenge faced by Korea, China, and Japan."

At this meeting, Korea presented and discussed recent global market conditions and the new government's financial policy direction, Japan shared its response strategies to the digitalization of finance, and China discussed rapid urbanization and plans to expand financial services, among other major issues of each country.

Korea, China, and Japan agreed that the current global financial market situation is severe and shared the view that close cooperation among the three countries is necessary regarding the policy challenges each country faces.

The Korea-China-Japan Financial Authorities High-Level Meeting is a vice ministerial-level meeting first held in 2008 and regularly hosted alternately by the three countries. It was not held in 2020 due to the impact of COVID-19 and was held virtually last year. The 2023 Korea-China-Japan Financial Authorities High-Level Meeting will be held in Japan.

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