KCCI "Supply Chain and Inflation Threats, Concerns over Han-China... Need to Unite to Overcome Crisis" (Comprehensive)

KEF Chairpersons Hold Meeting with Chinese Ambassador to Korea to Discuss Bilateral Economic Issues
"Both Sides Must Cooperate to Resolve Supply Chain Risks," They Agree
Chinese Ambassador: "Let's Increase Cooperation Using the Regional Comprehensive Economic Partnership as an Opportunity"
Requests to Ease COVID-19 Quarantine Policies, Lift Hanhanryeong, and Approve Asiana Merger

Chairman Sohn Kyung-shik of the Korea Employers Federation (center) and the KEF executive team invited Xing Haiming, the Chinese Ambassador to Korea (left), on the 29th to discuss economic issues between the two countries.

[Asia Economy Reporter Choi Dae-yeol] Sohn Kyung-shik, Chairman of the Korea Employers Federation (KEF), met with Xing Haiming, Chinese Ambassador to Korea, on the 29th and said that the two countries must join forces to overcome the recent global economic crisis.

In his greeting at the meeting hosted by the Chinese Ambassador to Korea, Sohn said, "This year marks the 30th anniversary of diplomatic relations between Korea and China, and the two countries are inseparable important partners in various fields such as economy, society, culture, and human exchange." He added, "The trade volume between the two countries, which was $6.4 billion in the first year of establishing diplomatic relations in 1992, has grown nearly 50 times, exceeding $300 billion last year."

He continued, "With rapidly changing international situations and the spread of protectionism accelerating supply chain and inflation risks, it is a very concerning situation for both Korea and China," emphasizing, "At times like these, Korea and China, as close neighbors, must work together to overcome the global complex crisis."

The Korea Employers Federation executive team held a meeting with the Chinese Ambassador to Korea on the 29th.

Sohn said, "Korea-China economic cooperation is expanding beyond traditional manufacturing to new technology and new industries such as AI and robotics," adding, "On the 30th anniversary of diplomatic relations, the two countries will seek new growth engines together for the next 30 years and develop a mutually complementary and future-oriented relationship in terms of both quantity and quality."

The KEF has been holding an annual meeting inviting the Chinese Ambassador to Korea since 2020 to promote Korea-China economic cooperation. The meeting was attended by 14 KEF chairpersons, including Sohn Kyung-shik, Kim Won-kyung, Vice President of Samsung Electronics, Jung Sang-bin, Vice President of Hyundai Motor Company, and Woo Ki-hong, President of Korean Air.

Kwon Kyung-sik, Chairman of the Korea Employers Federation (right), is talking with Ambassador Xing Haiming of China to Korea before a meeting held on the 29th.

Ambassador Xing said, "The 20th National Congress of the Communist Party of China will be held in mid-next month," adding, "This congress will inject strong momentum into China's future economic and social development, provide more development opportunities to neighboring countries including Korea, and be a positive factor for world peace and development."

He continued, "The international regional situation is very complex, and there are many uncertainties in the global economy," but emphasized, "China and Korea should maintain a neighborly friendship, mutual respect, and equality, while considering each other's core interests and major concerns." He also urged to increase cooperation by securing smooth industrial and supply chains and taking advantage of the Regional Comprehensive Economic Partnership (RCEP). RCEP is a free trade agreement involving Korea, China, Japan, and 10 ASEAN countries, and is regarded as a China-led cooperative framework.

At the meeting hosted by the Korea Employers Federation with the Ambassador of China to Korea, Son Kyung-sik, Chairman of the Korea Employers Federation, is delivering a greeting.

At the closed-door meeting, Sohn said that both countries agreed on expanding exchanges at the private sector level. After the meeting, he told reporters, "Because China's COVID-19 quarantine policy is very strict, it is difficult to enter and proceed with business quickly, so I requested to ease that part," adding, "Since cultural exchange between the two countries is important, there were also talks about actively easing the Hallyu ban and increasing student exchanges between the two countries." There was also a request to expedite the merger between Korean Air and Asiana Airlines, which has not yet been approved by Chinese competition authorities.

There were no specific discussions on sensitive issues such as the US-China trade dispute. Sohn said, "We know each other, but considering the emotions, the talks were conducted in a friendly manner," and added, "The focus was on expanding exchanges between the two countries."

This content was produced with the assistance of AI translation services.