Theeleventh Sino-Korean Financial Cooperation Meeting, expected to last for twodays, convened in Seoul, capital of Korea on December 12, 2003. Mr. Li Ruogu,Deputy Governor of the People's Bank of China and Mr. Kwon Tae-Shin, ViceMinister of Ministry of Finance and Economy of Korea jointly chaired theMeeting.
Inhis speech, Mr. Li Ruogu first reviewed China-Korea financial cooperation in2003. The regular consultation between the two monetary authorities has playedan important role in enhancing the two countries' financial cooperation since1993. In particular, the establishment of the Bank of Korea BeijingRepresentative Office on December 4, 2003 represented an important event in thehistory of the financial cooperation between the two countries. He believedthat the Office will serve to improve mutual understanding and cooperationbetween the two financial sectors and contribute to the deepening of theeconomic and financial relations between the two countries. Mr. Li also briefedthis year's world economic developments and China's economic and financialsituation, stressing that the close communication and cooperation between thePeople's Bank of China, China Banking Regulatory Commission, China SecuritiesRegulatory Commission and China Insurance Regulatory Commission willsignificantly strengthen China's financial regulatory system and safeguard itsfinancial stability.
Mr.Li also said that China and Korea are close neighbors separated only by a stripof water. With the increasing exchanges between the two countries in political,economic and financial sectors, further strengthening financial cooperationwill become very important in maintaining Asian financial stability, promotingthe prosperity of Asian economies and responding to the changing worldenvironment.
Mr.Kwon Tae-Shin expressed the desire to further strengthen the financialcooperation between the two countries and make a contribution to their economicdevelopment, regional economic cooperation and stable development of the worldeconomy. The participants discussed and exchanged views on such topics ascooperation between the two central banks, the current situation and futuredevelopment of financial sectors, the supervision of banking sector, theexperience in opening up securities market and the development of insurancemarkets at the meeting.
Sino-KoreanFinancial Cooperation Meeting, held once every year, is sponsored by the People'sBank of China and the Ministry of Finance and Economy of Korea in turn and wassuccessfully held 11 times so far. The event has played an important role inenhancing mutual understanding and cooperation between the two countries in thefinancial sectors. The participants on China side are representatives from thePeople's Bank of China, China Banking Regulatory Commission, China SecuritiesRegulatory Commission and China Insurance Regulatory Commission, while Koreanparticipants are from the Ministry of Finance and Economy of Korea, the Bank ofKorea, the Financial Supervisory Service and commercial agencies of Korea.
