South Korea and China have decided to step up bilateral collaboration amid deepening financial woes in the global community.

The two nations’ finance ministers held a tenth bilateral meeting in Seoul on Wednesday. They agreed to step up dialogue and exchanges to enhance mutual understanding and cooperation in formulating bilateral macroeconomic policies and analyzing global economic trends.

Finance Minister Bahk Jae-wan said at the meeting that the two nations should share experiences in implementing economic policies, increase economic collaboration in trade and investment, and develop further collaboration within the international community.

China’s National Development and Reform Commission chief Zhang Ping agreed to the proposal for increased bilateral collaboration. Zhang said he would review with interest the South Korean governments’ investments in China, including SK Energy’s investment in an ethylene plant in Hubei, central China.