The ratification of a free trade pact with China will give hope to South Korean exporters struggling to expand market presence abroad, the country's top economic policymaker said Friday.Chairing a fiscal policy meeting in Seoul, Finance Minister Choi Kyung-hwan said that the free trade agreement approved by the National Assembly on Monday will breathe new life into local companies.In the January-November period, Asia's fourth-largest economy reported outbound shipments falling 7.4 percent on-yea

South Korea should try to cut back on government spending in a bid to keep state debt from exceeding 60 percent of its growth domestic product over the long haul, the finance ministry said Friday.In a long-term fiscal outlook, the ministry said if state expenditures keep pace with the country's nominal growth rate in the coming decades, the size of state debt could rise to 62.4 percent of GDP in 2060, significantly higher than a 42.3 percent estimate for next year."South Korea's debt will invari

South Korean stocks got off to a weak start Friday following overnight losses in the global equity markets as the European Central Bank came up with disappointing stimulus measures.The benchmark Korea Composite Stock Price Index lost 14.35 points, or 0.72 percent, to 1,979.72 in the first 15 minutes of trading.The ECB said it will extend its quantitative easing program until at least March 2017 and cut its deposit rate deeper into negative territory.But the plan failed to satisfy the market, whi

South Korea's top financial regulator said Thursday that it will unveil a tighter mortgage loan screening system later this month in a bid to tackle the mounting household debt in the face of a potential U.S. rate hike. Household credit totaled a fresh record of 1,166.4 trillion won ($1.01 trillion) as of end-September, up from a revised 1,131.5 trillion three months earlier, according to the latest central bank data.  The third-quarter figure marks the highest level since the central bank began

The Asian Development Bank cut its outlook for South Korea's economic growth for next year to 3.3 percent from a previous 3.4 percent, citing sluggish exports.  However, South Korea's economy is expected to recover in the coming quarters, backed by strong stimulus packages and low interest rates, the ADB said in its latest outlook update released Thursday.  The ADB kept this year's growth forecast for South Korea's economy at 2.7 percent, saying the economy is showing signs of improvement after

South Korea's state pension service said Thursday that the size of funds under its management has surpassed the 500 trillion won ($427 billion) mark for the first time ever.  The National Pension Service said its total funds reached 500.2 trillion won as of September, a gain of about 100 trillion won from 2013 and a five-fold increase from 100 trillion won in 2003. Last year, the size came to 469.8 trillion won.  Since 1988, the NPS said it has raised 622.4 trillion won overall, with 122.2 trill

South Korean stocks traded 1 percent lower late Thursday morning as investors lost the appetite for riskier assets after U.S. Federal Reserve Chair Janet Yellen hinted at an interest rate hike this month.   The benchmark Korea Composite Stock Price Index shed 20.03 points to 1,989.26 as of 11:20 a.m.   Most market heavyweights were in negative terrain.  Market bellwether Samsung Electronics slipped 0.85 percent, and top cosmetics maker Amore Pacific dropped 2.46 percent.   U.S. stocks fell on We

South Korea's state pension service said Thursday that the size of funds under its management has surpassed the 500 trillion won ($427 billion) mark for the first time ever.The National Pension Service said its total funds reached 500.2 trillion won as of September, a gain of about 100 trillion won from 2013 and a five-fold increase from 100 trillion won in 2003. Last year, the size came to 469.8 trillion won.Since 1988, the NPS said it has raised 622.4 trillion won overall, with 122.2 trillion

South Korea's foreign exchange reserves dropped slightly from a month earlier last month but mostly due to a devaluation of non-U.S. dollar assets, the central bank said Thursday.The country's foreign exchange reserves came to US$368.46 billion at the end of November, down $1.14 billion from the previous month, according to the Bank of Korea.The drop was largely attributed to the recent appreciation of the U.S. greenback, which in turn led to a decline in the value of the country's foreign reser

The South Korean economy grew at the fastest rate in over five years in the third quarter, helped by a strong recovery in consumer spending and a boom in the construction industry, central bank data showed Thursday.The country's gross domestic product expanded 1.3 percent from three months earlier in the July-September period, according to the preliminary data from the Bank of Korea.The Q3 growth marks a slight increase from an earlier estimate of 1.2 percent growth offered in October.The 1.3 pe

South Korea ranked last among members of the Organization for Economic Cooperation and Development in the use of renewable energy to power its economy in 2014, a report by an international energy agency showed Wednesday.Asia's fourth-largest economy got just 1.1 percent of its energy from renewable sources like solar, wind, geothermal, tidal and hydropower generation, according to the report by the International Energy Agency. The number placed the country last among the 34 developed market econ

South Korea's current account surplus shrank from a month earlier in October as imports grew while the country's deficit in the service sector widened, preliminary data from the central bank showed Wednesday.The current account surplus came to $8.96 billion last month, compared with a revised $10.54 billion surplus in September, according to the data from the Bank of Korea.The October figure, however, marked a slight increase from a surplus of $8.74 billion posted in the same month last year.Oct

South Korea's trade surplus in the ICT segment outpaced those of members of the Organization for Economic Cooperation and Development in the first half, data showed Wednesday, posting robust performances despite the global economic slump.According to the data compiled by the Institute for Information & Communications Technology Promotion, South Korea posted a whopping trade surplus of $40.9 billion in the January-June period in the sector, beating Germany, which came in second with a profit of $

The already close economic ties between South Korea and China will receive a further boost from the yuan's inclusion in the International Monetary Fund's reserve currency basket, local observers said Tuesday.The move, to go into effect on Oct. 1, 2016, is not expected to have an immediate impact on bilateral cooperation or the international financial market as a whole, but the steady rise of China as a global economic powerhouse will be felt down the road, they said."Many central banks will move

South Korea's retail sales rose to a 10-month high in October as tax cuts and a large discount event propped up consumer spending, a government report showed Tuesday.   Retail sales topped 32.28 trillion won ($27.87 billion) in October, up a sharp 6.5 percent from 30.29 trillion won a year earlier the report by Statistics Korea showed. The on-year increase is the highest reached since the 8.5 percent spike reported for February 2012.The number also represents a 3.5 percent increase from 31.17 tr