Korea's finance minister says slowing Chinese economy have little impact on domestic economyUpdated: 2014-03-26 AM 3:45:00 (KST)
For Korea's top economic policymaker, the slowing Chinese economy does not appear to be a major concern.
During a press briefing on Tuesday, Finance Minister Hyun Oh-seok said that the slowdown in the world's second largest economy will not have a major impact on the nation's growth.
"Despite the slowdown in emerging economies, exports to emerging economies, including China and the ASEAN countries, have remained steady."
He pointed out that 80 percent of Korea's exports to China are half-finished goods, which are exported again to other nations.
Hyun, however, said China's slowing growth could become a risk to the global economy as it could negatively impact financial markets.
He said the government would continue to look out for external shocks.
Regarding the free trade agreement talks with China, Hyun said he sees no major obstacles ahead, especially with the leaders of the two nations having agreed to finalize trade talks by the end of this year.
To push ahead with the government's plan to ease regulations, Hyun pledged to make clear the benefits of cutting down on red tape.
"We will make the results of deregulation public so that people can make their own decisions on the government's plan."
"Hyun also cited the importance of looking for creative ways to streamline regulations so that the government's drive to bolster corporate investment through deregulation gets a further boost.
Hwang Ji-hye, Arirang News."
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