Japan, China, South Korea ‘on guard against heightening risks’ to regional economic outlook
- Finance ministers and central bank governors from Japan, China and South Korea warned of the risks from the coronavirus pandemic and the war in Ukraine
- China’s central bank also made stabilising economic growth a top priority and said that it will step up support for weak sectors, according to deputy governor Chen Yulu
Financial leaders from Japan, China and South Korea on Thursday warned of risks to Asia’s economic recovery from the coronavirus pandemic and committed themselves to backing market stability and sound fiscal policy.
The statement followed an annual meeting, held online, before the leaders were due to meet virtually with their counterparts from the Association of South East Asian Nations (Asean), also on Thursday.
The Japanese, Chinese and South Korean officials affirmed their commitment to using support measures, which they did not specify, for maintaining financial market stability and long-term fiscal sustainability.
We must remain on guard against heightening risks to which the regional economic recovery is being exposed … on top of the ongoing Russia-Ukraine conflict and earlier-than-expected monetary policy normalisation in some advanced nations
“We must remain on guard against heightening risks to which the regional economic recovery is being exposed … on top of the ongoing Russia-Ukraine conflict and earlier-than-expected monetary policy normalisation in some advanced nations,” it said.