The 20th Korea-China-Japan Finance Ministers and Central Bank Governors’ Meeting
Trilateral Meeting Discusses Cooperation
on Fast Economic Recovery
Deputy Prime Minister Hong Nam-ki chaired the 20th Korea-China-Japan Finance Ministers and Central Bank Governors’ Meeting held virtually on September 18 where the leaders[1] discussed current economic situation and outlook, policy responses to COVID-19, and ways to strengthen financial cooperation for ASEAN+3.
At the meeting, DPM Hong emphasized the need for the trilateral cooperate since economic crisis stemming from a health crisis cannot be contained by the efforts of a single country.
Summary of the meeting
- Economic situation and policy direction
- The spread of COVID-19 caused substantial impacts on the regional economies, a contraction in economic activities, heightened volatilities in the financial markets and disruptions to the global value chains. Three countries agreed to continue all policy efforts while remaining vigilant to the future uncertainties, and reaffirmed the importance of maintaining an open and rules-based multilateral trade and investment system.
- DPM Hong mentioned Korea’s response to COVID-19 where Korea was able to contain the spread of virus while avoiding lockdown and minimized the economic impact. He also mention Korea’s policy efforts to prepare for the post-COVID-19 era.
- Strengthen regional financial cooperation
- It marks 10th anniversary of the CMIM[2] agreement coming into effect, and acknowledged that the progress made in the operational readiness, and welcomed the amended CMIM Agreement and Operational Guidelines coming into an effect in June. Korea-China-Japan also highly regarded AMRO[3]’s timely analysis on impacts of COVID-19 efforts to enhance regional macroeconomic surveillance.
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Korea-China-Japan agreed to hold next meeting in Tbilisi, Georgia in 2021.
*Attached: 20th Trilateral Finance Ministers and Central Bank Governors’ Meeting Joint Message (September 18, 2020, Virtual)
