Finance Minister Yoo Il-ho has proposed plans of joint projects with China to boost economic cooperation between the two countries.

Yoo made the proposal in an opening speech at the 14th South Korea-China economic ministerial meeting at the Shilla Hotel in Seoul Friday.

The minster said that China’s 'One Belt, One Road' push and South Korea’s Eurasia Initiative are resonated with each other as a project to create a new pan-continental economic bloc, and that the two countries developing China’s northeastern region together will facilitate both initiatives.

In particular, Yoo emphasized the significance of a joint project to develop a logistics center in Hunchun in Jilin Province, suggesting the two countries develop together three Northeastern Chinese provinces—Liaoning, Jilin and Heilongjiang—using the Hunchun logistics project and others.

Yoo said South Korea also hopes to contribute to the fast growth of the China-led Asian Infrastructure Investment Bank into a major international financial organization, requesting Beijing's cooperation on Seoul's bid to host next year's general assembly of the bank.

He also called for the two countries to continue to eliminate unnecessary regulations, saying it will help businesspeople of the two countries further utilize the South Korea-China free trade agreement(FTA).

Yoo said it is desirable for the two countries to further coordinate their macroeconomic policies amid a slumping global economy.