South Korea is calling for the creation of a global financial market safety net and improvements in the macroeconomic health of countries at the Group of Twenty deputies meeting in China, the government said Monday.
  

The two-day gathering being held in Sanya on Hainan Island, marks the first meeting of representatives from the world's 20 key systemically important industrialized and developing economies, after Beijing assumed the rotating chairmanship, the finance ministry said.
  

The working-level deputies meeting that ends Tuesday, falls before the G20 summit planned for early September in 2016 in Hangzhou. It is also being held at a time when countries are trying to grapple with growth slowdowns, weak trade, and the likelihood of greater financial sector volatility.
  

The South Korean delegation led by Deputy Finance Minister of International Affairs Choi Hee-nam will stress the importance of implementing structural reforms that can boost productivity, investment and trade. Also, it will push the need to strengthen the international financial structure to better handle the latest market developments.
  

"Seoul will bring (up) such issues at the International Financial Architecture work group," the ministry said. "Matters like reforming the International Monetary Fund, creating a worldwide financial safety net and expanding the role of the IMF's special drawing rights arrangement will be touched."
  

South Korea's finance ministry and its French counterpart jointly chair the IFA working group. (Yonhap)