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Chin Dong-soo, chairman of South Korea's Financial Services Commission, speaks during a meeting hosted by the American Chamber of Commerce in Korea (AMCHAM) on Dec. 9. <Yonhap> |
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Chin Dong-Soo, the chairman of financial services commission, highlighted the importance on maintaining market stability as for financial policy during the luncheon speech in the general membership meeting hosted by American Chamber of Commerce in Korea (AMCHAM).
“Like other countries, Korea will need to work on job creation and new growth engines for the future and the country is going to actively join in the efforts of international community and adhere to international standards,” the chairman said.
As for the G-20 Summit, scheduled to be held by Korean government next year, he mentioned that the authority will do everything to ensure the success of the summit, which has now emerged as the main axis of global economic governance.
He also emphasized that the government shall devise financial regulations for Korea by considering both international consensus and its own problems that emerged from the crisis.
In relation to medium- and long-term vision to advance Korea’s financial services industry, Mr. Chin explained that Korea would envision the industry becoming a true growth engine itself while it must stick to its root functions of supporting the real economy.
Internationally, the government intends to elevate the country into being a financial leader in Asia, he added.
The chief also commented that the authority embarked on a preemptive policy response that minimized the impact of external shocks throughout 2009 when the global economy fell into a severe recession as a result of a financial crisis triggered by the collapse of Leman Brothers.
“The Korean economy bounced back quite rapidly in the first half of 2009.”
In fact, the OECD recently declared Korea to be the fastest recovering economy among its members and revised its growth outlook for the country.
He also urged AMCHAM members to help ratify the Korea-US free trade agreement and open a new chapter in the trade and investment relations between the two countries.
By Shin, Kirim
아주경제= 신기림 기자 kirimi99@ajnews.co.kr
(아주경제=ajnews.co.kr) 무단전재 배포금지
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