A thought on Korea-China financial cooperation

Cooperation in the real economy, e.g., bilateral trade and investments, between Korea and China has thus far progressed substantially. But financial cooperation has been unsatisfactory as the two often turned to other developed nations, such as the US and European countries. As a result, a serious imbalance exists between economic and financial integration between the two nations. Currently, Korea and China are negotiating the free trade agreement (FTA), and they should capitalize on the FTA as an opportunity to advance the financial industry to a higher level, meaning a greater degree of liberalization and international compatibility, rather than opening the financial market for limited services. For this, the two sides should think outside the box and devise clear objectives, areas, and action plans. More specifically, the goal of financial cooperation should go beyond jointly responding to financial crises. (The rest omitted)