VZCZCXRO9825
PP RUEHIK
DE RUEHIT #0393 2871355
ZNR UUUUU ZZH
P 141355Z OCT 09
FM AMCONSUL ISTANBUL
TO RUEHC/SECSTATE WASHDC PRIORITY 9277
INFO RUEHZL/EUROPEAN POLITICAL COLLECTIVE PRIORITY
RUEHBJ/AMEMBASSY BEIJING PRIORITY 0069
RUEHUL/AMEMBASSY SEOUL PRIORITY 0039
RUEAIIA/CIA WASHDC PRIORITY
RUFOADA/JAC MOLESWORTH RAF MOLESWORTH UK PRIORITY
RUEKJCS/DIA WASHDC PRIORITY
RHEHNSC/NSC WASHDC PRIORITY

UNCLAS ISTANBUL 000393 
 
SENSITIVE 
 
SIPDIS 
 
FOR SYUN/THASTINGS/AWHITTINGTON;EAP/K FORSHOLIDAY-SKLAR;EEB/OMA FOR 
DMEALE 
 
E.O. 12958: N/A 
TAGS: CH ECON EFIN KS
SUBJECT: UNDER SECRETARY HORMATS, MEETING WITH REPUBLIC OF KOREA 
DEPUTY MINISTER OF STRATEGY AND FINANCE SHIN JE-YOON 
 
¶1. (SBU) Summary:  In his October 5 meeting with Under 
Secretary Hormats, Minister Shin said the ROK would welcome 
U.S. assistance and advice as Korea prepares to host the G-20 
meeting in the fall of 2010. In addition, Shin noted that Korea would 
like to be an "honest broker" between China and the rest of the 
G-20 on the Framework for Sustainable Growth agreed to in Pittsburgh, 
and underlined Chinese sensitivities on the issue of dual G-8 
and G-20 Summits, suggesting that the G-8 meet after and not before 
the June G-20 Summit in Canada.  End Summary. 
 
Korea Welcomes U.S. Advice on G-20 
----------------------------------- 
2.(SBU) Minister Shin highlighted the importance of the Fall 
2010 G-20 Summit in Korea, particularly in the context of Korea's 
relatively recent rise to developed country status. He 
enthusiastically welcomed the Under Secretary's offer of U.S. help 
and advice in the run up to the meeting. According to Shin, the site 
of the meeting has yet to be decided, but multiple Korean cities are 
vying to host. 
 
Chinese Possibly More Receptive to Framework with Increased IFI Shares 
----------------------------------- 
 
3.(SBU) Shin continued the G-20 discussion, noting that Korea's primary 
goals for the G-20 Summit will be completion of discussions on 
International Financial Institution (IFI) reform and substantial 
progress on global financial regulatory reform, in order to keep to the 
pre-agreed 2012 implementation timetable. 
 
4.(SBU) Shin reported that Chinese Premier Wen Jiabao asked President 
Lee for Korea's help in promoting IFI reform, including an increase in 
China's voice and vote in the IMF and the World Bank.  Noting China's 
discomfort with some elements of the G-20's Framework for Sustainable 
Growth, Shin believes that the Chinese would be more amenable to future 
discussions on the Framework in return for more representation in the 
IFIs. U/S Hormats noted that the U.S. does not normally link the 
two issues, but understands the Chinese point. The Under Secretary 
added that discussions on rebalancing, had taken place during the 
Pittsburgh Summit. 
 
China Wants G-20 before G-8 
--------------------------- 
¶5. (SBU) Minister Shin also reportedly discussed the June 
2010 G-8 Summit in Canada with Chinese officials, who highlighted 
Chinese preferences that the G-20 should not be a "side issue." 
Shin added that the Chinese requested that the G-20 meet before the G-8 
According to Shin, some other BRICs were of the same opinion. 
 U/S Hormats responded that, while the U.S. is still considering the 
issue, there is a good chance the U.S. would concur and he did not want 
the G-20 to be a "side issue" either-and in fact the G-20 communiquQ 
gave it a preeminent role  U/S Hormats noted that the U.S. did not want 
the G-8 to be a "caucus" before G-20 summits, and opined that the G-8 
would have a discrete agenda and take up issues not discussed at the 
G-20. 
 
 
WIENER