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