Briefing

Home>Press>Briefing

    FSC Chairman, Dong-Soo Chin at the Economist Conference
    October 01, 2010

FSC Chairman, Dong-Soo Chin at the Economist Conference

Dong-Soo Chin: Good morning, ladies and gentlemen, and distinguished guests!

Thank you, Mr. Charles Goddard and the people at the Economist Intelligence Unit for organizing this meaningful event.

It is an honor to speak to you today, and to start off the day in which we will be discussing the future of finance in the Asia-Pacific region, particularly in Korea.

I am certain that today’s discussions will be beneficial to all of us, serving as a platform for an exchange between us the Korean government, and you the industry professionals and market leaders.

In just a moment, I will have an opportunity to speak frankly about some of current market issues and our policy objectives for a number of key specific areas in an interview with Mr. Charles Goddard here.

But before we go into details, I would like to speak to you briefly about what I believe the future of finance will be in the Asia-Pacific, or at least for Korea.

As the world economy pulls itself out of the financial crisis, we are at a juncture where we review our past mistakes, so we would never have to face such a devastating crisis again.

And at the same time, we wonder and try to figure out how the world economy should recover and what source of growth we must cultivate and tap into.

As you are aware, the financial regulatory reform is currently under way through the Financial Stability Board supported by strong commitments from the G20 leaders.

On the other hand, in the search of sustainable global growth, we cannot leave out the financial industry which we are all here to discuss in great details.

The future of finance in Asia-Pacific is I believe “Bright”.

Through the crisis, we have learned that financial growth without the support of real economic growth brings instability and eventual loss.

Although there still are many uncertainties around the world slowing the momentum of the economic recovery, Asia-Pacific’s financial industry still has room to grow.

And we must take that opportunity to advance our financial markets and bring it up to the global standards.

Since experiencing the Asian financial crisis, the Korean government has relentlessly improved on transparency and soundness of the financial sector as well as the corporate sector.

Furthermore, we are actively participating in the global discussions for financial regulatory reform.

This shows our dedication and willingness to comply with the global standards, as well as to contribute to the stability of the global financial system.

Korea’s relative advantage is that our economy is extremely resilient. This has been demonstrated through the speed in which we have pulled ourselves out of the crisis.

And our strong economic potential backed by industry-leading corporations and human resources is the basis for our economic resilience.

Korea is now the fifth largest holder of foreign reserves, and the seventh largest exporter, with a sound fiscal balance.

The IMF has recently raised Korea’s GDP growth outlook to 6.1% for this year.

Apart from just economic growth, we, at the Financial Services Commission, are dedicated in enhancing Korea’s financial investment environment.

Our goal is to facilitate an investor-friendly market while reaching a balance between stability and innovation.

This goes with our objective of becoming a regional financial hub, which remains to be one of our priorities.

We intend on finding our competitive edge over other existing financial hubs and hopefully present ourselves as, not only viable, but an excellent alternative.

And it will be you, the industry professionals, who will be the judge of our efforts.

So please enjoy today’s conference, and I do hope you will make a positive assessment on Korea.

Rest assured that we will continue to endeavor on our efforts to develop our financial markets, and not be complacent about the progress that had been made.

Thank you very much.