South Korea's senior economic policymaker expressed concern over a prolonged global market shock from the COVID-19 pandemic significantly burdening the domestic financial system.

At a meeting with the country's conglomerates and securities firms on Friday, First Vice Finance Minister Kim Yong-beom then vowed to swiftly and decisively enforce market stabilization measures whenever necessary, through consultations with the private sector.

Kim assessed that the recent expansion of market volatility was sparked by mounting concerns over the pandemic having a serious impact on the real economy.

The vice minister added that such concerns reflected in the markets led to sudden adjustments of asset value, and that fear over the virus and weakened investor confidence are serving to amplify market anxiety across Asia, Europe and the United States.