Zhou Xiaochuan: Opening ceremony of the Bank of Korea Beijing
Representative Office
Speech by Mr Zhou Xiaochuan, Governor of the People's Bank of China, at the opening ceremony of
the Bank of Korea Beijing Representative Office, Beijing, 4 December 2003.
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First of all, on behalf of the People's Bank of China, I would like to express my sincere congratulations
on the opening of the Bank of Korea Beijing Representative Office and warm welcome to the
representatives of the Bank of Korea to work in Beijing. I believe the establishment of the Bank of
Korea Beijing Representative Office will further improve the cooperation between the two central
banks and economic and trade relations between the two countries.
There has been a rapid development in the Sino-Korean cooperation in the economic and financial
sectors since the establishment of diplomatic relations between the two countries. China has become
Korea's biggest export destination, third largest trade partner and biggest overseas investment
destination, while Korea is China's fourth largest export destination, fifth biggest trade partner and
sixth largest investment destination. China-Korea economic and financial cooperation is characterized
by complementarity and has great potential.
I am happy to see that, with the increasing needs of economic and financial exchanges between the
two countries, cooperation between the two central banks has become increasingly close. Since
former BOK Governor Cho Soon visited Beijing in the year when diplomatic relations were established
between China and Korea, high-level exchange of visits between the two central banks has continued.
For the moment, there are a number of formal and informal consultation mechanisms in place. Next
week, Deputy Governor Li Ruogu will lead the delegation of the People's Bank of China to attend the
eleventh Sino-Korean Financial Cooperation Meeting to be held in Seoul. The regular business
consultation at the Director-General level was successfully held three times. In addition, the informal
meetings between central bank governors of China, Japan and Korea were successfully held eight
times.
The Establishment of the Bank of Korea Beijing Representative Office is a welcome response to the
demands for closer cooperation between our two institutions and a reflection of the foresight of the
Bank of Korea. Governor Park Seung visited China in June of 2002 and expressed the desire to set up
a representative office in Beijing. Under the joint efforts of the two sides, the Bank of Korea Beijing
Representative Office was today officially established, becoming the first one by foreign central banks
in Beijing. I believe the Office will serve as an important bridge to further strengthen cooperation and
deepen understanding between the two central banks, and will certainly play an important role in
enhancing bilateral economic and financial cooperation.
The establishment of the Bank of Korean Beijing Representative Office will help to promote exchange
of information and experience between financial sectors of our two countries. In the wake of Asian
financial crisis in 1997, Korea managed to stabilize its macro-economic situation, effectively adopted
reforms in the financial and corporate sectors and labor market, and recover the economy in a
turbulent external environment. Since challenges facing China's financial sector are similar to what
Korea has experienced, we will continue to learn from Korea's valuable experience in financial reform.
Ladies and gentlemen, the opening China in the process of reform is dynamic and full of vitality. This
will bring more opportunities for cooperation between our two countries in the economic and financial
sectors. The effective cooperation between the two central banks will provide better service, better and
stable business environment and financial institutions. I am sure the Bank of Korea Beijing
Representative Office will play a great role.
Thank you.