[AJu News DB ]
South Korea's top economic official called for Sino-Korean economic cooperation and partnership Friday in pushing for economic development projects in China's northeastern provinces.
Finance Minister Yoo Il-ho suggested the two countries could cooperate in building "Silk Road economic zones", describing China's three northeastern provinces bordering Russia and North Korea as an area for joint development. His proposal came at talks in Seoul between South and Chinese economic officials including Xu Shaoshi, chairman of the National Development and Reform Commission.
Xu responded with reciprocal steps such as a joint advance into third countries, mutual investment and cooperation between cities of the two countries. countries.
Chinese President Xi Jinping has championed a multi-prong strategy of strengthening trade and investment ties with countries across Asia, Europe and Africa that were once part of old commercial routes. His "Silk Road" project, launched in 2013 and known as the "belt and road" plan, calls for strengthened trade and investment ties especially with central and southeast Asian neighbors.
Yoo suggested that South Korea could help the China-led Asian Infrastructure Investment Bank (AIIB) expand its scope and influence quickly as a global bank and host its annual congress next year.
The AIIB officially started operation in January after a high-profile inaugural ceremony and plans to hold its first annual meeting involving 57 founding members in June in Beijing. Washington and Tokyo see it as a potential rival to financial institutions such as the US-led World Bank and Asian Development Bank, which they dominate, and have declined to join.
Despite opposition from Washington, a number of major US allies, including Australia, Britain, Germany and South Korea, have joined. China says AIIB will be an international institution and not used to boost its influence. The AIIB plans to finance projects in the energy and environmental sectors, as well as support infrastructure in lesser-developed regions.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
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