Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
South Korea-China relations remain tricky despite rare summit
President Yoon Suk Yeol shakes hands with Chinese Premier Li Qiang during a bilateral meeting at the presidential office in central Seoul's Yongsan District, Sunday. Courtesy of presidential office
By Lee Hyo-jin
Yoon-Li meeting was more symbolic than substantive, experts say
A high-stakes trilateral summit between South Korea, China and Japan failed to completely mend strained relations between Seoul and Beijing, according to observers who believe the relationship between the two Asian neighbors will continue to walk a tightrope.
The three-way meeting of President Yoon Suk Yeol, Chinese Premier Li Qiang and Japanese Prime Minister Fumio Kishida took place in Seoul on Monday, marking the resumption of the long-stalled trilateral summit.
On the sidelines of the event, Yoon also held separate bilateral meetings with Li and Kishida on Sunday.
Much attention was focused on whether the Yoon-Li meeting would lead to a breakthrough in the tense relationship between South Korea and China, particularly given that this was Li's first visit to Seoul since he took office in March 2023.
Key takeaways from the bilateral talks include an agreement to establish a high-level diplomatic and security dialogue, known as the 2+2 dialogue, and to resume the second stage of free trade agreement (FTA) negotiations, which had been stalled since 2017.
However, diplomatic observers regarded these outcomes as disappointing.
"The summit has done little, if anything, to bridge the divergent positions between the two sides. It was more symbolic than substantive," said Chung Jae-heung, director of the Center for Chinese Studies at the Sejong Institute.
"I don't consider the agreement to resume talks on the second stage of the FTA a significant achievement of the summit, as such agreements could have been reached through meetings between top economic officials, without the need for a leaders' summit."
During the bilateral meeting, talks focused on trade cooperation and people-to-people exchanges, while the two leaders tiptoed around key regional issues such as the Taiwan Strait and North Korea's military threats.
President Yoon Suk Yeol speaks during a joint press conference with Japanese Prime Minister Fumio Kishida, left, and Chinese Premier Li Qiang following a trilateral summit at Cheong Wa Dae in Seoul, Monday. Courtesy of presidential office
"Both sides merely reiterated their basic positions on security issues. Plus, the summit revealed that China is reluctant to actively engage in addressing Pyongyang's nuclear threats, as China is focused on maintaining its diplomatic relationship with North Korea, while closely watching the burgeoning ties between Pyongyang and Moscow," said Lee Sang-man, a China expert at the Institute of Far Eastern Studies at Kyungnam University.
A joint declaration announced after the trilateral summit read, "We reiterated positions on regional peace and stability, denuclearization of the Korean Peninsula and the abductions issue, respectively."
The three leaders fell short of declaring the complete denuclearization of the peninsula as a common goal, presumably due to China's opposition, Lee explained.
Additionally, there appeared to be a slight diplomatic standoff between Seoul and Beijing regarding Taiwan.
According to a statement released by the Chinese foreign ministry, during the bilateral talks with Li, Yoon affirmed his support for the “One China” principle. However, the phrase was notably absent from the South Korean foreign ministry's press release.
The "One China" principle is a position held by China that Taiwan is an inalienable part of China and should not be recognized as a separate state. The South Korean government has so far taken the position that it “respects” the concept of "One China," avoiding the use of the word “principle" in any diplomatic talks.
Some critics attribute the limited agenda of the bilateral meeting to the fact that China was represented by Li, its No. 2 official, rather than President Xi Jinping.
"Yoon's diplomacy with China will be put to the test again in the coming months, as managing relations with China while forging closer ties with like-minded nations such as the United States and Japan requires a careful balancing act," Chung said.
In July, the South Korean leader is expected to participate in a NATO summit in Washington. Yoon's possible attendance at the NATO summit could upset Beijing, as the U.S.-led defense group has been increasingly taking an anti-China stance.