Vice Minister Ki Jae: "Global Great Transformation... Adjustment of Trade Policy and Supply Chain Restructuring"

Kim Beom-seok, Vice Minister of Strategy and Finance, is delivering the opening remarks at the 'Asia-Pacific Economic Cooperation (APEC) Finance Deputy Ministers' Meeting' held on the morning of the 6th at the Gyeongju Hwabaek Convention Center in Gyeongju, Gyeongbuk.

Kim Beom-seok, First Vice Minister of Strategy and Finance, said on the 6th, "Trade policies are being rapidly adjusted, and global supply chains are being newly restructured."

At the Asia-Pacific Economic Cooperation (APEC) Deputy Finance Ministers and Central Bank Deputy Governors meeting held in Gyeongju that day, Vice Minister Kim stated, "We are currently facing a global great transformation."

Vice Minister Kim said, "The massive changes are interwoven in a complex manner and are progressing at an unprecedented speed," adding, "Recently, the slowdown in the global economy's growth potential and financial market instability have coincided, making the reality faced by governments and central banks increasingly complex."

He emphasized that overcoming these risks and challenges and strengthening capabilities in innovation, finance, and fiscal policy are essential core tasks for the sustainability and prosperity of the regional economy.

He also highlighted productivity improvement through technological innovation, digital financial innovation, and strategic and efficient fiscal management.

Vice Minister Kim said, "It is difficult to effectively respond to multi-layered challenges with existing growth models and policy tools alone," and stressed the need to seek practical solutions for sustainable growth.

For strategic and efficient fiscal management, he emphasized, "Unnecessary demand should be restructured, and efficiency in fiscal execution should be enhanced through public-private partnerships (PPP),” adding, "We should review essential fiscal needs such as technological innovation, productivity promotion, and support for vulnerable groups, and establish future fiscal management standards."