Yoon Ja-young is in charge of articles translated by a generative AI system and edited by The Korea Times. She is interested in improving the newspaper through AI.
Korea, China must boost financial cooperation, says BOK governor
By Yoon Ja-young
Korea and China need to increase cooperation in the financial sector, Bank of Korea (BOK) Governor Lee Ju-yeol said Friday.
“Korea and China have made notable cooperation in trade and the real economy. Cooperation in the financial sector, however, is relatively sluggish,” Lee said at the “2014 China Forum” organized by the Hankook Ilbo, a sister company of The Korea Times, to commemorate its 60th anniversary.
Strengthening ties in the sector was high on the agenda at the summit between President Park Geun-hye and Chinese President Xi Jinping in July.
As a result, a direct trade market between the Korean won and Chinese yuan is scheduled to open in December.
“It isn’t desirable to leave an imbalance between cooperative efforts of the real economy and the financial sector,” Lee said.
He said the BOK and the People’s Bank of China will continue to seek measures to develop the financial industry.”
“It is very difficult to predict how the global economy will change . . . it is true that many uncertainties lie ahead of us,” the governor said. “It is more important than ever that the close cooperation between Korea and China goes forward in an era of uncertainties.”
Ruling Saenuri Party leader Rep. Kim Moo-sung and Rep. Moon Hee-sang, interim leader of the main opposition New Politics Alliance for Democracy, gave welcoming speeches.
Korea International Trade Association (KITA) Chairman Han Duck-soo and Chinese Ambassador to Korea Qiu Guohong also attended.
Institute for Global Economics Chairman Sakong Il made a keynote speech.