NATIONAL

Korea to take actions against Chinese retaliation over US missile system

By KH디지털2
  • Published : Mar 24, 2017 - 12:13
  • Updated : Mar 24, 2017 - 12:13

South Korea's finance minister pledged Friday to take actions against China amid no apparent signs of progress in ending a diplomatic row with the world's second-largest economy.

China has taken a series of economic retaliations against South Korea in recent months over the ongoing deployment of an advanced US missile defense system in South Korea.

(Yonhap)

China has imposed a ban on Chinese sales of tour packages to South Korea in a move that dealt a heavy blow to South Korea's tourism industry that has long relied on Chinese visitors.

Beijing has repeatedly pressed South Korea to drop the plan, claiming the US missile defense system would undermine its security interests.

Still, Seoul and Washington have dismissed such concerns, saying the US missile shield is defensive in nature and focused on North Korea's missile activities.

"We are closely reviewing whether Chinese moves violated international norms," Finance Minister Yoo Il-ho said in a meeting.

He said South Korea will deal with Chinese retaliations "according to relevant laws and procedures in case of violation."

South Korean officials said it is highly likely that China's retaliatory measures run counter to the spirit and regulations of the World Trade Organization.

Earlier this week, South Korea appealed to the WTO's service council to determine if the Chinese measures are in conflict with WTO regulations.

Yoo also said South Korea will continue to explain its policy on foreign exchange and its efforts to implement the South Korea-US free trade deal to the United States.

His comments came amid lingering concerns over a possible designation by the US of South Korea as a currency manipulator.

Bank of Korea Gov. Lee Ju-yeol told reporters Thursday that there is a low possibility that South Korea will be labeled as a currency manipulator, though he said the possibility cannot be ruled out. (Yonhap)