SKorea offers summit with China, Japan on financial turmoil
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South Korean President Lee Myung-Bak on Monday proposed holding a summit with his Chinese and Japanese counterparts to discuss ways to calm the global financial turmoil, his ruling party said.
Lee will make the formal offer when he attends the Asia-Europe Meeting (ASEM) in Beijing on October 24-25, said Cha Myung-Jin, spokesman for the ruling Grand National Party.
"East Asia now has the world's largest amount of foreign currency in reserve," Lee was quoted as telling party chief Park Hee-Tae, according to the spokesman who attended their meeting.
Lee said it would be "a good idea" for South Korean, Chinese and Japanese leaders to hold a regional summit on the financial crisis, the spokesman said.
"The three countries can wisely overcome the financial crisis if they join forces," the president was quoted as saying.
Lee on Friday called for finance ministers of the three countries to discuss closer coordination. He warned that the US-born financial crisis was showing signs of spreading globally and depressing the world's real economy.
Seoul officials said earlier the three countries will discuss speeding up the creation of an 80 billion dollar fund to help protect Asia.
The Strategy and Finance Ministry said deputy finance ministers from South Korea, China and Japan will meet next Monday on the sidelines of the International Monetary Fund's annual meeting in Washington.
Their finance ministers met in May and agreed to upgrade a currency swap scheme. They were supposed to meet again in May, 2009 to discuss details.
Lee will make the formal offer when he attends the Asia-Europe Meeting (ASEM) in Beijing on October 24-25, said Cha Myung-Jin, spokesman for the ruling Grand National Party.
"East Asia now has the world's largest amount of foreign currency in reserve," Lee was quoted as telling party chief Park Hee-Tae, according to the spokesman who attended their meeting.
Lee said it would be "a good idea" for South Korean, Chinese and Japanese leaders to hold a regional summit on the financial crisis, the spokesman said.
"The three countries can wisely overcome the financial crisis if they join forces," the president was quoted as saying.
Lee on Friday called for finance ministers of the three countries to discuss closer coordination. He warned that the US-born financial crisis was showing signs of spreading globally and depressing the world's real economy.
Seoul officials said earlier the three countries will discuss speeding up the creation of an 80 billion dollar fund to help protect Asia.
The Strategy and Finance Ministry said deputy finance ministers from South Korea, China and Japan will meet next Monday on the sidelines of the International Monetary Fund's annual meeting in Washington.
Their finance ministers met in May and agreed to upgrade a currency swap scheme. They were supposed to meet again in May, 2009 to discuss details.
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