Korea’s Finance Minister Choo Kyung-ho, center, speaks during the 17th Korea-China economic ministers’ meeting held via teleconferencing, Aug. 27, 2022. Yonhap

The finance ministries of Korea and China held an inaugural meeting on bilateral economic exchanges Tuesday to discuss ways to boost cooperation on various industrial and economic issues involving major private companies, officials said.

The inaugural Korea-China economic cooperation and exchange meeting was held in the Chinese city of Changchun earlier in the day, organized jointly by Korea’s finance ministry and China’s National Development and Reform Commission (NDRC).

The meeting was held after the two nations’ top economic policy makers agreed to launch one during last year’s ministerial-level meeting to enhance bilateral economic ties.

Tuesday’s event brought together hundreds of officials from their respective governments, economic institutions and companies, including Korea’s top carmaker Hyundai Motor, major battery company LG Chem and China’s Alibaba Group, according to the Ministry of Economy and Finance.

During the meeting, they shared their investment circumstances and supportive measures for foreign companies, and explored business opportunities.

“We will hold the meeting on an annual basis to help Korean firms better communicate with the Chinese government and address their difficulties in running a business in China,” a ministry official said.

On the sidelines of the meeting, director-level officials from the ministry and the NDRC agreed to hold a new ministerial meeting at an early date, the finance ministry said. (Yonhap)