The Finance Ministry has reportedly launched a special team to enhance monitoring of the Chinese economy amid concerns about the country’s property market.

According to related ministries, the team, which was set up at the Finance Ministry’s economic policy bureau, will closely monitor the Chinese economy around the clock in close coordination with related organizations, including the Bank of Korea, the Industry Ministry, the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS).

The government also plans to discuss responses to the China risks at an economic response task force meeting, which is held twice a week and is chaired by First Finance Minister Bang Ki-sun.

It also plans to check the economic situation in China constantly at a daily meeting of officials from FSC, FSS and the central bank.

A Finance Ministry official said that, given the higher sensitivity of the Korean economy to China, the government is strengthening its monitoring of related areas in China.

The move comes as China's property crisis deepens, with property developer Country Garden at risk of default after property giant Evergrande Group filed for bankruptcy in the United States last week.