South Korea, China And Japan Finance Ministers Plan To Hold Sideline Meeting To Discuss Economic Issues And Policy Changes

South Korea, China and Japan plan to hold a sideline talk during the gathering of finance ministers and central bank governors from the Group of 20 on Thursday in Lima, Peru, The Diplomat reported Oct. 8.

"The policymakers from the Northeast Asian countries will exchange views on macroeconomic conditions, developments in the financial market and how best to respond to the latest economic policy changes being implemented around the world," South Korean finance ministry said in a dispatch. "They will also exchange views on expanding regional financial ties."

If the plan pushes through, this would be the second meeting of the three countries this year, with the first one took place in May, Yonhap News Agency noted on Monday. Also, the meeting of the finance ministers is reportedly "drawing attention because it takes place amid expectations of a U.S. interest rate hike later this year."

Japan's Finance Minister Taro Aso says the planned meeting could be a preparation for a trilateral summit which is reported to take place later this year, Reuters reported on the same day. He adds that he will also hold a meeting with China's Finance Minister Lou Jiwei this week.

"(The two countries) will discuss macro-finance, the economy and financial cooperation," he revealed.

He also calls China for the transparency of the country's economic development "to help the yuan become a global currency." Aso adds that he will tell his counterparts from the Group of 20 that the economy of Japan continues to recover amid "signs it may have slipped into recession again."

"Japan's economic fundamentals are not bad at all," he says.

Meanwhile, top economic policymaker from South Korea will also attend the trilateral meeting to participate in the discussions on international support on taxation reforms and how to handle concerns regarding base erosion and profit shifting (BEPS), which is considered "an important agenda item with the Paris-based Organization for Economic Cooperation and Development having taken keen interest since 2012."

"If ministers agree on a mutual strategy at the upcoming talks in the Peruvian capital, then the so-called Google tax will be levied against multinationals that try to avoid paying their dues in countries where they make profits," South Korean finance ministry said.