S.Korea, China, Japan Finance Chiefs Meet Amid Mideast War Uncertainty

In Samarkand, Uzbekistan, the finance ministers and central bank governors of South Korea, China, and Japan convened for their 26th meeting, underscoring a commitment to regional economic stability amidst growing global uncertainties.

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The three countries' finance ministers and central bank governors agreed that they can contribute to regional financial stability through close communication and solidarity amidst rising external uncertainties.

Presided over by South Korea, the meeting addressed the macroeconomic impacts of the ongoing Middle East conflict. While the economies of the three nations showed resilience against external uncertainties last year and into the first quarter of this year, the recent escalation in the Middle East has amplified risks. The ministers and governors shared their respective countries' response strategies and concurred on the need for close communication and solidarity to maintain regional financial stability.

Beyond immediate geopolitical concerns, the meeting also tackled pressing structural challenges. South Korean Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho, proposed joint efforts to address issues such as low birth rates, aging populations, declining growth potential, and supply chain stability. He emphasized the importance of sharing information and seeking collaborative solutions for sustainable growth and shared prosperity.

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South Korea, China, and Japan share mid- to long-term structural challenges such as low birth rates and aging populations, and declining growth potential. Let's share information and seek solutions together for sustainable growth and shared prosperity.

The trilateral cooperation also extended to broader ASEAN+3 financial initiatives. The participants agreed to enhance the effectiveness of the Chiang Mai Initiative Multilateralization (CMIM) and strengthen the capabilities of the ASEAN+3 Macroeconomic Research Office (AMRO). This forward-looking approach reflects a shared understanding that regional challenges require coordinated responses, a perspective that resonates deeply within East Asia, where interconnectedness is paramount for economic well-being.

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Let's work together to enhance the effectiveness of the Chiang Mai Initiative Multilateralization (CMIM) and strengthen the capabilities of the ASEAN+3 Macroeconomic Research Office (AMRO).