Chinese Minister of Finance Xie Xuren, and the Republic of Korea (ROK) Minister of Strategy and Finance, Kang Man-Soo, on Friday said both governments should step up cooperation in the global financial crisis fight.

The two nations should adopt appropriate macroeconomic policies and take proper measures in a pre-emptive, decisive and sufficient manner to stabilize the financial markets necessary.

At a bilateral meeting in Beijing, the two ministers discussed a range of issues including the current global financial crisis, the macroeconomic and financial policies each government had taken and ways to strengthen regional and global cooperation.

It is in both countries'interest to maintain the stability of regional and global financial markets and promote the steady and healthy development of the global economy.

In addition, the two agreed to consider expanding the size of the bilateral currency swap, with the details to be further discussed later.

They also emphasized the importance of further enhancing regional cooperation and expressed their determination to work with other members of the Association of Southeast Asian Nations (ASEAN) plus Japan, to expedite the process of the Chiang Mai Initiative Multilateralisation (CMIM) and strengthen the regional surveillance system.

The ministers also called for the reform of the international financial system, improvement of the effectiveness of the International Monetary Fund surveillance, and the establishment of a fair and equitable global economic and financial governance framework.

(Xinhua News Agency October 24, 2008)