▲ Finance Minister Choo Kyung-ho speaks during a session at the National Assembly in Seoul on Feb. 22, 2023. (Yonhap)

finance minister-China reopening

Finance minister urges close attention to China's reopening

By Kang Yoon-seung

SEOUL, Feb. 28 (Yonhap) -- South Korea's chief economic policymaker on Tuesday called for more attention to the reopening of the Chinese economy in order to address the prolonged downturn in the country's outbound shipments.

At a Cabinet meeting, Finance Minister Choo Kyung-ho pointed out challenges facing South Korea, such as high inflation, higher borrowing costs and the strong U.S. dollar amid the war between Russia and Ukraine.

The finance minister added each ministry should especially keep a watchful eye on the reopening of the Chinese economy, so that it can give a positive spillover into South Korea's exports.

In January, the country's trade deficit reached a monthly record high of US$12.69 billion, marking the 11th straight month of losses, primarily due to soaring energy costs.

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