[Gyeongju APEC] President Lee and Xi Jinping Extend 70 Trillion KRW Currency Swap at First Summit... Possibility of Easing 'Hanhanryeong' (Comprehensive)

First Korea-China Summit... Six Inter-Ministerial MOUs Signed
Productive Discussions on China's Sanctions Against Hanwha Ocean, Says Wi Sung-rak
Korean Dakgangjeong and Chinese Mala Abalone Served at State Banquet
Symbolizing Friendship and

On the occasion of the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju, President Lee Jaemyung and Chinese President Xi Jinping met for the first time and held their inaugural summit. The two leaders agreed to extend the 'KRW-RMB currency swap agreement' and achieved tangible results by signing memoranda of understanding (MOUs) for cooperation between ministries, including the Ministry of Economy and Finance, the Ministry of Foreign Affairs, and the Ministry of Trade, Industry and Energy. At the subsequent state banquet, Korea's 'Dakgangjeong' and China's 'Mala Abalone' were served, symbolizing the friendship and harmony between the two countries. The Office of the President evaluated the summit, stating, "Through diplomacy based on the national interest and pragmatism of the Lee Jaemyung administration, there has been a comprehensive restoration of Korea-China relations."

Following the APEC Summit, the two leaders met again on November 1 at the Gyeongju National Museum's special exhibition hall for a 95-minute summit. They agreed to extend the Korea-China currency swap agreement and signed six MOUs: ▲ Korea-China Joint Economic Cooperation Plan (2026-2030) ▲ MOU on Strengthening Exchanges and Cooperation in Service Trade ▲ MOU on Cooperation in 'Silver Industry' and 'Innovative Startups' ▲ MOU to Facilitate the Export of Korean Agricultural Products to China ▲ MOU on Joint Response to Voice Phishing and Online Fraud Crimes ▲ MOU on Plant Quarantine Requirements for Fresh Korean Persimmons Exported to China. President Xi's state visit to Korea was the first in 11 years, and there was significant attention on what kind of dialogue the two leaders would have, especially as the United States continues its isolationist stance by imposing tariffs.

First, the central banks of both countries signed a five-year 'KRW-RMB currency swap agreement' worth 70 trillion won (400 billion yuan), which is expected to contribute to the stability of financial and foreign exchange markets and promote trade. In addition, the Ministry of Foreign Affairs and China's Ministry of Commerce signed an MOU for the Korea-China Joint Economic Cooperation Plan (2026-2030) for mutually beneficial cooperation. The Ministry of Trade, Industry and Energy and China's Ministry of Commerce signed an MOU to strengthen exchanges and cooperation in service trade, laying the institutional foundation for economic cooperation between the two countries through substantive progress in Korea-China FTA service and investment negotiations. The Ministry of Economy and Finance and China's National Development and Reform Commission signed an MOU on cooperation in the 'Silver Industry' and 'Innovative Startups' to promote future-oriented cooperation that will substantially benefit the livelihoods of both peoples. The Ministry of Agriculture, Food and Rural Affairs and China's General Administration of Customs signed an MOU to facilitate the export of Korean agricultural products to China.

Furthermore, the two leaders agreed to build mutual political trust and to accumulate friendly trust at the private level as well. To this end, they decided to establish a regular high-level communication channel between Korea and China to strengthen strategic communication on bilateral issues and regional and global matters. They also agreed to accelerate substantive progress in Korea-China FTA service and investment negotiations and to strengthen cooperation for supply chain stability. In the fields of culture and environment, the two countries will continue efforts to develop cooperation aimed at improving the quality of life for their citizens and to implement measures to facilitate mutual visits and promote people-to-people exchanges.

During the meeting, President Lee also called for China's constructive role in achieving denuclearization and peace on the Korean Peninsula. Senior Secretary Wi explained, "The two leaders agreed to make efforts so that the development of Korea-China relations contributes substantially to both 'livelihood issues' and 'peace issues.' President Lee introduced his vision for denuclearization and peace, and requested China's constructive role in resuming dialogue with North Korea. President Xi responded by expressing his commitment to continue efforts for resolving issues on the Korean Peninsula and for peace and stability in the region."

Yonhap News Agency

Productive Discussions on Sanctions Against Hanwha Ocean by China... 'Hanhanryeong' Also Addressed

Sensitive issues were also brought to the table. Senior Secretary Wi stated, "There were productive discussions regarding the sanctions imposed by China on Hanwha Ocean's subsidiary," and added, "If issues between the United States and China are resolved, there is hope for productive progress on the sanctions against Hanwha Ocean's subsidiary as well." This suggests that there is a possibility of China easing its sanctions on Hanwha Ocean.

Other pending issues between Korea and China, such as the West Sea structure issue and China's 'Hanhanryeong' (restrictions on Korean pop culture), were also discussed at the summit. Senior Secretary Wi said, "There were good discussions on these matters, and there was a consensus to resolve the issues through working-level consultations." Regarding Hanhanryeong, he explained that there was a shared understanding to continue efforts for content cooperation while promoting cultural exchanges and collaboration. Senior Secretary Wi added, "We will be able to coordinate further through practical communication in the future." Regarding North Korea policy, the leaders of Korea and China agreed that dialogue between North Korea and the United States is of utmost importance and decided to work together to create a conducive atmosphere for such talks.

Yonhap News Agency

Korean Dakgangjeong and Chinese Mala Abalone Served at Lee Jaemyung-Xi Jinping State Banquet... "Symbolizing Friendship and Harmony Between the Two Nations"

At the state banquet following the summit between President Lee and President Xi, Dakgangjeong, a Korean dish that has captivated China, and abalone in mala sauce, a Chinese dish that has captivated Korea, were served. The Office of the President stated, "This Korea-China state banquet was designed to reflect the meaning of the longstanding cultural exchange between Korea and China through food, and to express the hope that friendship and harmony between the two countries will continue in the future."

During the state banquet, President Lee said, "President Xi and I have agreed to steadfastly walk the path of peace together." President Xi responded, "China and Korea are friendly neighbors and strategic cooperative partners."

To welcome the distinguished guests, the banquet also featured nourishing young chicken porridge for health and Mengzhilan, a Chinese liquor favored by President Xi. The main course included grilled Tteokgalbi made from Gyeongju Hanwoo beef, lily bulb soup, and three side dishes (seasoned wild greens, grilled deodeok, and napa cabbage kimchi). Tteokgalbi has traditionally symbolized warm hospitality toward guests. To commemorate the 33rd anniversary of diplomatic relations between Korea and China, three-colored Maejakgwa and three-colored fruits were prepared. In addition, the Chinese dessert Zhima Gu was served with Boseong green tea, conveying the wish that the memories of the banquet would linger for a long time.

President Lee emphasized, "Today, President Xi and I had a candid and lengthy conversation based on our shared commitment to the people. Our two countries, which have achieved economic development by joining forces, agreed on the need to share our strengths and open a new path of mutually beneficial cooperation." He added, "We will further increase necessary communication between the two countries and quickly strengthen the required systems to broaden cooperation, especially in the field of service investment. The principles of connection, innovation, and prosperity, which are the themes of this APEC Summit, will remain steadfast principles in Korea-China relations as well."

President Lee particularly quoted a passage from a Chinese classic, saying, "A phoenix cannot fly because of the lightness of a single feather, nor can a thousand-mile horse run because of the strength of a single leg," and added, "Korea and China will continue to prove themselves as partners who generate synergy for mutual prosperity over the years to come."

President Xi also cited a phrase left by Choi Chiwon, a literary figure from Gyeongju who studied in the Tang Dynasty, saying, "On his way back home, Choi Chiwon wrote, 'Hoist the sail and set the boat afloat on the sea, and a favorable wind will carry it for ten thousand miles.' Today, the friendship between China and Korea continues to radiate vitality and dynamism." President Xi also mentioned that he recently received a letter from students at the International Studies Department of Hankuk University of Foreign Studies, saying, "Each line of the letter was filled with the students' hopes for the development of China-Korea relations. The youth are the future of China-Korea relations."

Yonhap News Agency

'Go Enthusiast' President Xi Receives Premium Go Board and Mother-of-Pearl Lacquerware Tray as Gifts

Earlier, President Lee held a state welcome ceremony at the Gyeongju National Museum. He presented President Xi, who was on a state visit to Korea, with a Go board made of honbija wood and a round mother-of-pearl lacquerware tray. The Go board was crafted from honbija wood, recognized as the finest material for Go boards in both Korea and China. The Go board stand was engraved with traditional Korean patterns. The Office of the President explained, "Just as Korea and China lead the world of Go, the gifts symbolize the hope that Korea and China will continue their good relationship."

The Go board was chosen to reflect President Xi's well-known passion for the game. Eleven years ago, during his previous state visit to Korea, President Xi also received Go stones from the Korean government. In December 2017, then-President Moon Jaein received a jade Go set and Go stones as gifts during his visit to China. The mother-of-pearl lacquerware tray, presented together with the Go board, was made using traditional Korean lacquering techniques. The Office of the President stated, "The gifts express the hope that the longstanding friendly relations between Korea and China will continue to be inherited and developed." President Xi, upon touching the Go board, remarked, "It is exquisitely made. Very good. Thank you." Both President Lee and President Xi are Go enthusiasts.

Yonhap News Agency

President Lee also prepared a silver-handled soup pot and silver cup set, as well as nutrition cream and eye cream from LG, as gifts for President Xi's wife, Peng Liyuan. President Xi presented President Lee with two Xiaomi smartphones and a set of jade inkstone and brushes, traditional Chinese stationery. For Kim Hye Kyung, Peng Liyuan prepared a set of Chinese teacups as a gift.