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21st Korea-China-Japan Finance Ministers and Central Bank Governors' Meeting

  • DivisionInternational Finance Bureau - International Financial Cooperation Division
  • DateMay 3, 2021
  • Tel0442154830

21st Trilateral Finance Ministers and Central Bank Governors’ Meeting

 

Korea, China and Japan Agrees to

Strengthen Cooperation for

Robust Recovery and Sustainable Growth

 

Deputy Prime Minister Hong Nam-ki attended the 21st Korea-China-Japan Finance Ministers and Central Bank Governors’ Meeting held virtually on May 3 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 cooperation in resolving common issues including climate change.

 

Following is a summary DPM’s remarks:

- Korea was able to achieve one of the fastest recovery among major economies with real GDP breaking the pre-crisis level thanks to effective disease prevention measures and expansionary fiscal policies. This year Korea’s economy is expected to expand more than forecast.

 

- In order to respond to structural change caused by the COVID-19, Korea is pushing forward with Korean New Deal which includes the Green New Deal and the Digital New Deal, to accelerate the transition to a green and digital economy. The Korean government will strengthen inclusiveness to achieve sustainable growth and support those most affected.

 

- Considering the geographical and cultural background, Korea-China-Japan should cooperate closely to resolve common issues such as climate change, restoring multilateralism, falling birth rates and aging population. In particular, Korea-China-Japan are expected to work together to respond to climate change through P4G[2] Seoul summit as well as G20 Sustainable Finance Study Group (SFSG) within the G20 Finance track.

 

 

Korea-China-Japan agreed to hold upcoming meeting in Colombo, Sri Lanka in 2022.  

 

 

Attached: 21st Trilateral Finance Ministers and Central Bank Governors’ Meeting Joint Message (May 3, 2021, Virtual)

 

 

Please refer to the attached pdf

 

[1] (Korea) Deputy Prime Minister Hong Nam-ki, Governor of the Bank of Korea Lee Juyeol

(China) Vice Minister of Finance Zou Jiayi, Deputy Governor of People’s Bank of China Li Bo

(Japan) Deputy Prime Minister Aso Taro, Governor of the Bank of Japan Kuroda Haruhiko

[2] Partnering for Green Growth and the Global Goals 2030

Ministry of Economy and Finance
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