Seoul, Beijing to hold economy minister meeting this week

Published : Jan 29, 2018 - 10:53 Updated : Jan 29, 2018 - 10:53

The economic chiefs from South Korea and China will meet in Beijing this week to discuss an array of issues, including further boosting economic cooperation.

During the gathering slated for Friday, Seoul's Finance Minister Kim Dong-yeon and his Chinese counterpart He Lifeng, chairman of China's National Development and Reform Commission, will seek ways to flesh out the outcome of December summit talks between leaders of the two countries, according to the ministry.

Finance Minister Kim Dong-yeon (2nd from L) speaks during an economy-related ministers meeting in Seoul, on Jan. 29, 2018. (Yonhap)

President Moon Jae-in and Chinese President Xi Jinping agreed to quickly normalize their relationship that was adversely affected by the diplomatic row triggered by the deployment of a US missile defense system here.

"The meeting will serve as a chance for the two countries to restore an economic cooperation channel, and the issues to be discussed will vary, ranging from economic to cultural cooperation," Kim said during an economy-related ministers meeting.

In October, Seoul and Beijing agreed to renew their swap arrangement worth 64 trillion won ($55 billion).

A currency swap is a tool for defending against financial turmoil by allowing a country beset by a liquidity crunch to borrow money from others with its own currency.

Meanwhile, South Korea is scheduled to hold an economic ministers meeting with Uzbekistan next month, and a similar meeting with the United Arab of Emirates in March.

Earlier this month, the leaders of South Korea and Uzbekistan agreed to continue working together to enhance relations between the two countries, vowing to further enhance cooperation through the South Korea-Uzbekistan economic ministers' meeting. (Yonhap)