Finance Minister Hong Nam-ki said that policy coordination is necessary among the Group of 20(G20) member nations to achieve stable global economic growth.

According to Seoul's Finance Ministry, the minister presented a four-point blueprint urging coordination at the annual meeting of G20 finance ministers and central bank chiefs held in Fukuoka, Japan over the weekend.

Hong noted the U.S.-China trade conflict was spreading across the board affecting tariffs, currency exchange rates and technology. He called for stronger policy coordination to prevent the repercussions of the trade war between the two largest economies from impacting emerging markets.

The minister also expressed concern over increasing volatility in the financial markets of emerging economies and stressed the need to implement transparent policies on monetary easing based on clear communication.

Hong added that market stabilization measures can be carried out, if necessary, and that the global financial safety network should also be strengthened.