Finance Talks

[Anchor Lead]

The finance ministers of Korea and China also met for the first time on Sunday since Korea and the U.S. announced the decision to deploy THAAD in Korea. Without mentioning the missile defense system, both sides agreed to strengthen cooperation against the global trend of trade protectionism.

[Pkg]

Finance Minister Yoo Il-ho held bilateral talks with his Chinese counterpart Lou Jiwei on Sunday in the Chinese city of Chengdu on the sidelines of the Group of 20 finance ministers meeting. The two ministers agreed on a joint response to the rise of protectionism following Britain's decision to leave the European Union. They also agreed to cooperate on policy measures to counter protectionism and seek success in the G-20 Summit China is hosting next month. But the two sides are not believed to have touched on the sensitive issue of Korea's decision to deploy the U.S. Terminal High Altitude Area Defense missile system. During the talks, Minister Yoo stressed the need to appoint a Korean official to a senior post at the Asian Infrastructure Investment Bank. Chinese finance minister Lou Jiwei asked for Korea's active support in China's aggressive push this year for structural reform and expanded investment in infrastructure. In Chengdu, the G-20 finance ministers agreed to reject all forms of protectionism and facilitate the global economy through proactive fiscal measures by member nations. Meanwhile, China's Commerce Ministry has announced that it will impose 37.3 percent anti-dumping tariffs on Korean imports of grain-oriented electrical steel sheets over the next five years.