S. Korea prepared to curb economic fallout from China coronavirus

South Korea's finance ministry said Wednesday it will make efforts to minimize possible economic fallout from the spread of the China coronavirus amid worries that it could hurt local consumption.

Vice Finance Minister Kim Yong-beom made the remarks at a meeting with senior financial officials earlier in the day, the ministry said in a statement.

South Korea's financial markets are seeing volatility rise amid jitters over the virus, which emerged in the central Chinese city of Wuhan late last month, Kim said.

"The government will make efforts to try to minimize negative impacts on the economy as it is closely monitoring the situation on the Wuhan virus," Kim said.

The SARS-like virus has spread to Beijing and Shanghai.

Confirmed cases have also been reported in South Korea, Japan, Thailand and the United States.

Fears are growing as China tries to stop the spread of the virus at a time when millions of Chinese people head to their homes ahead of the Lunar New Year holiday.

South Korea's main stock index lost 22.95 points, or 1.01 percent, to close at 2,239.69 on Tuesday as the spread of the Wuhan virus rattled local markets. (Yonhap)