President Lee and Xi Jinping Conclude First Meeting... Wi Sung-rak: "Full Restoration of Korea-China Relations Through Pragmatic, National-Interest Diplomacy" [Gyeongju APEC]

Operation of High-Level Regular Communication Channel
Strengthening Strategic Dialogue on Bilateral, Regional, and Global Issues
Accelerating Korea-China FTA Service and Investment Negotiations
Enhanced Cooperation for Supply Chain Stabiliz

President Lee Jae-myung is shaking hands with Chinese President Xi Jinping at the state banquet held at Sono Calm in Gyeongju, Gyeongbuk on the 1st. Photo by Yonhap News

President Lee Jae-myung and Chinese President Xi Jinping held a Korea-China summit on November 1, where they agreed to establish a high-level regular communication channel to lay the groundwork for the development of bilateral relations and to strengthen strategic communication on Korea-China issues, regional, and global matters. The two leaders also agreed to accelerate substantive progress in the Korea-China Free Trade Agreement (FTA) negotiations on services and investment, diversify consultation channels to revitalize local economies, and actively cooperate to stabilize supply chains. The Office of the President evaluated the outcome of this summit as a full restoration of Korea-China relations through President Lee's pragmatic, national-interest-driven diplomacy toward China.

Wi Sung-rak, Director of the National Security Office, explained this at a press briefing at the International Media Center (IMC) in Gyeongju after the summit on the same day. The summit lasted for 95 minutes. Director Wi stated, "The two governments have agreed to secure political trust at the governmental level and to simultaneously accumulate friendly trust at the private level. Not only have they decided to operate a regular high-level communication channel to strengthen strategic communication on Korea-China issues and regional and global topics, but they have also agreed to enhance mutual understanding and promote friendly sentiment between the peoples of both countries through exchanges and cooperation in various fields."

President Lee Jae-myung is speaking at the Korea-China summit held on the 1st at the National Gyeongju Museum in Gyeongbuk. Photo by Yonhap News

The leaders of Korea and China acknowledged that there have been ups and downs in bilateral relations but agreed to pursue the mature development of a strategic cooperative partnership in line with changing times. Director Wi said, "This summit marked the full restoration of Korea-China relations through President Lee's pragmatic, national-interest-based diplomacy toward China. The two leaders reaffirmed that, despite changes in internal and external environments, the shared historical experience of overcoming hardships during the period of lost sovereignty and the mutually beneficial cooperation that has driven both countries' economic growth remain unchanged."

They also pledged to promote mutually beneficial cooperation based on "horizontal cooperation" to deliver tangible results in areas that directly impact people's livelihoods. During the summit, the two leaders agreed to extend the Korea-China currency swap agreement, which has been ongoing since 2009 and is valued at 70 trillion won, and to strengthen cooperation to stabilize supply chains and prevent transnational scam crimes. The extension of the currency swap agreement is expected to contribute to the stability of financial and foreign exchange markets and to promote trade.

Director Wi stated, "We will accelerate substantive progress in the Korea-China FTA negotiations on services and investment, diversify consultation channels to revitalize local economies, and strengthen cooperation for supply chain stabilization." He added, "In the fields of culture and environment, both countries will work to enhance the 'quality of life' for their peoples and continue efforts to facilitate mutual visits and promote people-to-people exchanges."

Chinese President Xi Jinping is speaking at the Korea-China summit held on the 1st at the National Gyeongju Museum in Gyeongbuk. Photo by Yonhap News

In addition, President Lee requested China's constructive role in achieving denuclearization and peace on the Korean Peninsula. Director Wi explained, "The two leaders agreed to ensure that the development of Korea-China relations makes a tangible contribution to both 'livelihood issues' and 'peace issues.' President Lee presented his vision for denuclearization and peace and requested China's constructive involvement in resuming dialogue with North Korea, to which President Xi responded by pledging continued efforts to resolve the Korean Peninsula issue and promote peace and stability."

During the summit, six agreements were signed, including the extension of the Korea-China currency swap agreement; a memorandum of understanding (MOU) on the Korea-China Economic Cooperation Joint Plan (2026-2030); an MOU on strengthening exchanges and cooperation in service trade; an MOU on cooperation in the "silver industry" and "innovation startups"; and an MOU to facilitate the export of Korean agricultural products to China.

Director Wi stated, "President Xi's state visit to Korea, the first in 11 years, demonstrates that the development of Korea-China relations has entered a stable trajectory through pragmatic, national-interest-centered diplomacy. The government will continue to build on this momentum so that the public can experience the tangible outcomes of the advancement in Korea-China relations."