Vice Chairman Jeong Eun-bo visited Hong Kong to deliver a speech at the 10th Asian Financial Forum from January 15th to 18th, 2017. The forum, co-hosted by Hong Kong’s Special Administrative Region (SAR) and Hong Kong Trade Development Council (HKTDC), brought together internationally respected leaders from financial and business sectors to discuss the prospect of Asian financial market. Mr. Jeong participated in the forum’s ‘Policy Dialogue’ session as a speaker, aimed to discuss how governments and central banks should respond to the recent political and economic uncertainty.
In his speech, Mr. Jeong suggested two effective measures for Asian emerging countries to cope with a possibility of sudden capital outflow.
First, he asked policy makers to strengthen economic fundamentals through reforming structurally vulnerable sectors and promoting stable economic growth.
Second, he stressed the importance of joint efforts among banks, governments and central banks to secure foreign currency liquidity. Particularly Mr. Jeong emphasized bilateral and multilateral efforts to form currency swaps and the need for building a global financial safety in cooperation with the IMF.
In this respect, Mr. Jeong explained the Korean government’s efforts and achievements in strengthening economic fundamentals and securing sufficient foreign currency liquidity as the country weathered through the Asian financial crisis of 1997 and the global financial crisis of 2008.