13TH KOREA-CHINA FINANCE MINISTERS’ MEETING
KOREA AND CHINA SELECT EURASIA INITIATIVE AND ‘ONE BELT AND ONE ROAD’ AS FOCUS FOR BILATERAL COOPERATION THIS YEAR
The Ministry of Strategy and Finance (MOSF) attended the 13th Korea-China Finance Ministers’ Meeting hosted by the National Development and Reform Commission (NDRC) in Peking, China, on January 29, 2015.
The MOSF and the NDRC both agreed that Korea-China bilateral cooperation is becoming increasingly more important given the current global climate where major countries’ monetary policies travel down divergent paths, oil and other commodity prices continue to be unstable and geopolitical risks continue to grow. The meeting also discussed cooperating with regards to macro-economic policy, industrial investment, new technologies, urbanization, venture investment, air pollution prevention and responding to climate change.
The MOSF and the NDRC also advanced the agenda from the July Korea-China Leaders’ Summit, which included ‘strengthening’ investment, technological and environmental cooperation. The Meeting on Economic and Technological Exchange, a bilateral meeting composed of major corporations, central government officials and local government officials, which was held following the Leaders’ Summit, has been successful in strengthening bilateral cooperation.
At the 13th meeting, Korea and China laid the foundation for future cooperation by agreeing to work together on President Park’s Eurasia Initiative , Xi Jinping’s One Belt and One Road project and the Saemangeum Korea-China Economic Cooperation Complex.
Korean Deputy Prime Minister Choi Kyunghwan stressed the importance of easing regulations on Korean cultural contents and signing the joint broadcasting content production treaty, and called for the mutual recognition of food and drug evaluations, as resolving these issues would help Korean corporations more easily enter the Chinese market. Deputy Prime Minister Choi also called for the Korea-China FTA to be finalized as quickly as possible.
Outcomes
The two parties agreed to promote investment by drawing up investment cooperation projects and relieving difficulties companies are faced with.
Korea introduced new industry development projects, such as driverless cars and new carbon materials, and China introduced plans to foster new industries, such as new energy, bio-technology and state-of-the-art equipment. The two countries discussed joint technology development through technology exchanges and increased cooperation in order to export products that are developed in the global market.
The two countries agreed that cooperation to promote startup investment has successfully taken off and decided to continue working closely together to promote startup investment.
Taking into account similar urbanization policies, Korea and China have a lot of opportunities to cooperate. Korea and China will strengthen working-level cooperation in urban planning and construction, and the 1st Urbanization Policy Exchange Meeting will be held this year.
Korea also introduced its air pollution prevention policies, including a fine dust forecast and warning system, and a joint pilot project to build air pollution prevention facilities in China. The two sides agreed to increase policy and technology exchange and work together to improve air quality of the region.
Korea and China signed an agreement on climate change. The two countries will strengthen cooperation in carbon emissions trade, greenhouse gas emissions data management and low carbon technology, and will also cooperate more closely at the international level.
Korea’s Eurasia Initiative, China’s One Belt and One Road and the Saemangeum Korea-China Economic Cooperation Complex have been chosen as projects to receive strengthened support. These projects are expected to open a new era of closer cooperation.
A sideline meeting to promote technology exchange among the private sector, local governments and research institutes were held, where investment cooperation and new industries, such as smart cities, new energy vehicles, and new energy generation and storage, were discussed.
The two countries signed a climate change cooperation agreement and the 2015 plans between think tanks, while extending the MOU on fair-trade cooperation.
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