Korea-China Economic Ministers Video Conference... China: "Deputy Prime Minister Choi to be Invited to China Soon"

Face-to-Face Talks Possible After 5 Years
"Strengthening Cooperation on Critical Mineral Supply Chains Including Yoso"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held a video conference on the 16th at the Export-Import Bank of Korea with the Director of the National Development and Reform Commission of China to discuss economic issues between Korea and China.

After two years, the top economic officials of Korea and China met and pledged to strengthen cooperation in global supply chains, including critical minerals. Marking the 32nd anniversary of diplomatic relations between the two countries this year, there is also speculation that a face-to-face meeting between the two nations could take place for the first time in five years, following an invitation expressed by the Chinese government.

The Ministry of Economy and Finance announced on the 16th that it held the 18th Korea-China Economic Ministers' Meeting via video conference together with the National Development and Reform Commission (NDRC), which oversees China's macro and real economy.

The Korea-China Economic Ministers' Meeting is a high-level cooperation channel between the top economic authorities of the two countries. It began as a vice-ministerial meeting after the establishment of diplomatic relations in 1992 and was elevated to ministerial level in 1999. The Ministry of Economy and Finance and the NDRC alternate hosting the meeting annually, and since October 2020, amid the COVID-19 pandemic, the meeting has been held three times consecutively via video conference. This meeting is the first in about two years since August 2022.

From Korea, Deputy Prime Minister Choi led the delegation, with representatives from the Ministry of Economy and Finance and about 40 Korean companies including Hyundai Motor and Samsung SDS attending. From China, NDRC Director Zheng Shanzi served as the chief representative, accompanied by the Vice Governor of Jilin Province, NDRC directors, and representatives from about 130 Chinese companies such as BYD and Alibaba.

On this day, the two countries discussed supply chain cooperation in the economic sector and strategic cooperation in trade and investment as the main agenda items. At the meeting, both sides agreed to regularize and systematize working-level consultations between the two ministries related to supply chains and to establish an information-sharing system.

Additionally, they agreed on cooperation measures between Korea's Korea Institute for International Economic Policy (KIEP) and China's Academy of Macroeconomic Research (AMR), think tanks in the foreign and macroeconomic sectors of both countries, for joint research in the macroeconomic field.

In his opening remarks, Deputy Prime Minister Choi said, "Let us lead the global industry through cooperation in raw materials and critical minerals such as elements, gallium, and graphite, as well as supply chains and technology cooperation in new industries like bio and clean energy." He also urged efforts to ensure that the recently established Korea-China supply chain adjustment consultative body can fulfill this role.

He further proposed strengthening strategic cooperation in trade and investment. Deputy Prime Minister Choi emphasized, "As the geographically and culturally closest neighbors, the two countries should also expand and develop cooperation in cultural and content industries."

Director Zheng Shanzi remarked, "Korea and China are neighbors who cannot move away," and stated that since the establishment of diplomatic relations, continuous exchanges and cooperation have made each other key trading partners, and that cooperation between the two countries should be further upgraded going forward. He especially emphasized building a deepened cooperative relationship to stabilize supply chains in new industries where the two countries have high complementarity.

He also conveyed the intention, "We would like to invite Deputy Prime Minister Choi to China at a convenient time," to which Deputy Prime Minister Choi responded with gratitude for the invitation.

The Ministry of Economy and Finance stated, "We will begin full-scale working-level consultations to promptly realize a face-to-face meeting between the Korea-China economic ministers," adding, "Since there have been no mutual visits between the economic ministers of the two countries for over five years since April 2019, if a face-to-face meeting is realized, it will symbolically signify that economic cooperation between the two countries is back on track."

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