Lee Chang-yong "Korea-China Trade Increased Sixfold... Expect Cooperation to Solve Real Estate and Excessive Debt Issues"

20th Anniversary Ceremony of the Bank of Korea Beijing Office Opening

Lee Chang-yong, Governor of the Bank of Korea, attended the 20th anniversary ceremony of the Bank of Korea Beijing Office held in Beijing, China on the 7th, the Bank of Korea announced on the 8th.

In his commemorative speech, Governor Lee emphasized, "Over the past 20 years, trade between Korea and China has increased about sixfold, and it has developed from simple intermediate goods trade to a technology-intensive structure. Financial connectivity and the scale of overseas direct investment have also increased dramatically."

Bank of Korea Governor Lee Chang-yong attended the 20th anniversary ceremony of the Bank of Korea Beijing Office held in Beijing, China, on the 7th. Photo by Bank of Korea

He also highly praised the joint efforts of the two countries to enhance crisis response capabilities, such as the signing of currency swap agreements and participation in the Chiang Mai Initiative. Governor Lee stated, "I hope that through mutual cooperation and exchange, the two countries will gather wisdom to seek solutions to various social and economic issues commonly faced, such as real estate market-related issues, excessive debt problems, population decline, and aging."

According to the Bank of Korea, the ceremony was attended by high-level officials including Governor Lee, Pan Gongsheng, Governor of the People's Bank of China, Jeong Jae-ho, Ambassador of the Republic of Korea to China, and Professor Huang Yiping of Peking University (former Monetary Policy Committee member of the People's Bank of China). In addition, more than 120 people including senior representatives of foreign central banks, international organizations, and officials from Korean and Chinese financial institutions participated.

Furthermore, Governor Pan Gongsheng and Ambassador Jeong Jae-ho delivered congratulatory messages on the 20th anniversary and urged the Beijing Office to continue contributing more to the development of both countries in the future.

Meanwhile, on the 8th, Governor Lee is scheduled to give a lecture at Peking University on the topic "Monetary Policy in Practice: Integrated Policy Framework and Forward Guidance."