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News Briefing
The 18th Korea-China Meeting on Economic Cooperation
Jun 2024
The Korean Ministry of Economy and Finance (MOEF) and China’s National Development and Reform Commission (NDRC) held its 18th Korea-China Meeting on Economic Cooperation on May 16. 

The previous meeting was held nearly two years ago. This meeting was attended by Deputy Prime Minister Choi Sang-mok and Chairman of NDRC Zheng Shanjie as chief representatives. Marking the 32nd anniversary of diplomatic relations between Korea and China, the two countries recognized the achievements made so far in promoting bilateral exchange and cooperation and shared their commitments to further bilateral cooperation based on mutual respect.

In this meeting, various measures to strengthen ties between Korea and China, as major trading partners, were discussed amid growing global geopolitical uncertainties. The two sides agreed to have regular and systematic working-level consultations related to supply chains and to work on establishing an information?sharing system. In addition, the two countries agreed to cooperate in promoting joint research between the think tanks of the two countries to study external and macroeconomic issues. 

Deputy Prime Minister Choi and Chairman Zheng also discussed ways to revitalize human and cultural exchanges and cooperation, which have somewhat stagnated since the pandemic. To this end, several measures were discussed to boost cooperation in the service industries such as tourism, film, and gaming. Deputy Prime Minister Choi, welcomed the efforts made by both nations to maintain their ties amidst heightened uncertainties at home and abroad following the COVID-19 crisis. The Deputy Prime Minister 
particularly noted that the “Korea-China Economic Cooperation and Exchange Conference”, which was established as a result of the 17th meeting, facilitated innovative partnerships among companies of the two countries and promoted collaboration for joint investments in third countries. Deputy Prime Minister Choi also recognized that the “Korea-China Supply Chain Cooperation and Coordination Working Group”, which has been convened twice since proposed by the Korean government, has contributed to policy dialogue concerning supply chain issues between the two economies. 

Deputy Prime Minister Choi reiterated that now is the opportune time to further upgrade the cooperative relationship between Korea and China. Underscoring the importance of enhanced ties not only in the supply chain for raw materials and key minerals but also in emerging industries such as biotechnology and clean energy to jointly lead the global market, the Deputy Prime Minister stressed the need to expand and develop cooperation in the cultural and content industries, considering that the countries are close neighbors, geographically and culturally. 

Chairman Zheng stated “Korea and China are inseparable neighbors”, emphasizing that bilateral relations should be developed even more going forward, as the two countries have become key trading partners by continuously bolstering exchanges and cooperation since the establishment of diplomatic relations. The Chairman particularly highlighted the significance of deepening cooperation in emerging industries, which can be greatly beneficial and complementary to both countries, to ensure stable supply chains.