The finance ministers and central bank chiefs of South Korea, China and Japan held a virtual meeting Monday and discussed the post-pandemic economic recovery.

They cautioned against uncertainties and downside risks in the recovery process and also the unequal recovery pace among countries. In a joint statement, the three sides assessed that the regional economic outlook was fast improving thanks to policy efforts and the vaccine rollout.

They agreed to exert efforts to maintain financial security and fiscal sustainability for the long term by refraining from universal assistance and shifting to more selective aid provision for those hit hardest.

The three sides also welcomed the effectuation of an amended Chiang Mai Initiative Multilateralization(CMIM) agreement, which is a currency swap arrangement among the ASEAN Plus Three members. 

The finance chiefs said it's important to consider activating the CMIM in situations when uncertainties may escalate and agreed to continue talks on strengthening the region's financial safety net.

Seoul's Finance Minister Hong Nam-ki said trilateral cooperation can produce powerful synergy in tackling issues such as climate change, multilateralism and the low birthrate.