Seoul, Beijing agree to strengthen reciprocal cooperation, expand shared interests

President Lee Jae Myung and Chinese President Xi Jinping shake hands ahead of their bilateral summit at the Gyeongju National Museum in Gyeongju, North Gyeongsang Province, Saturday. Yonhap

GYEONGJU, North Gyeongsang Province — President Lee Jae Myung and Chinese President Xi Jinping agreed to further develop a mutually beneficial cooperative relationship and expand shared interests during their bilateral summit, Saturday.

The two leaders agreed to establish a regular communication channel between high-ranking officials to discuss regional and global issues and expand exchanges.

The bilateral talks were held on the occasion of Xi’s first visit to South Korea in 11 years and his attendance at the Asia-Pacific Economic Cooperation (APEC) Leaders Meeting in Gyeongju, North Gyeongsang Province.

President Lee Jae Myung and Chinese President Xi Jinping hold a summit at the Gyeongju National Museum in Gyeongju, North Gyeongsang Province, Saturday. Yonhap

During the opening remarks of the 97-minute talks, Lee noted that the mutually complementary and beneficial partnership that the two countries have built over the past three decades has significantly contributed to China’s rise as the world’s second-largest economy as well as to South Korea’s transformation into an advanced nation with strong global industrial competitiveness. He called for efforts to further advance this relationship.

“As the structure of Korea–China economic cooperation shifts from a vertical division of labor to a more horizontal partnership, it is time for both countries to deepen their reciprocal cooperation in line with the changing times,” Lee said during the summit held at the Gyeongju National Museum.

The Korean president emphasized that maintaining peace and stability in the region was vital to the continued progress of bilateral relations. Referring to the recent increase in high-level exchanges between China and North Korea, Lee said he views these developments positively and expressed hope that Seoul and Beijing would strengthen strategic communication to help to resume dialogue with Pyongyang.

President Lee Jae Myung salutes during the official welcome ceremony for Chinese President Xi Jinping, at the Gyeongju National Museum in Gyeongju, North Gyeongsang Province, Saturday. Yonhap

In response, Xi underscored that South Korea and China are "important and close neighbors who cannot be separated and inseparable partners in cooperation," stressing that mutual collaboration serves as the foundation for the prosperity of both nations.

“Since establishing diplomatic relations 33 years ago, our two countries have pursued active exchanges and cooperation across sectors, transcending differences in social systems and ideology to achieve shared success and prosperity,” the Chinese president said, according to Korea's Presidential Office. “Promoting the healthy and stable development of China–Korea relations has always served the fundamental interests of both peoples and represents the right choice in keeping with the times.”

He added that China is willing to strengthen communication with South Korea, deepen cooperation, and expand shared interests to inject “greater positive energy” into regional peace and development through a stable strategic cooperative partnership between the two nations.

President Lee Jae Myung shakes hands with Chinese President Xi Jinping as he hands over the APEC chairmanship to China, next year's host of the forum, at the Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province, Saturday. Yonhap

National Security Adviser Wi Sung-lac noted that the summit served as an important milestone in restoring bilateral relations.

Between the two nations, tensions have remained since 2016 over the deployment of a U.S. Terminal High Altitude Area Defense (THAAD) anti-missile system here and Beijing’s following de facto economic sanctions including an unofficial ban on Korean goods and cultural exports.

“It is true that the Korea–China relationship has experienced ups and downs over the years,” Wi told reporters.

“However, both sides reaffirmed that, despite changes in the domestic and international environment, the two countries have maintained a shared historical experience of overcoming hardships during the period of national loss of sovereignty, as well as a mutually beneficial partnership that has driven economic growth for both nations.”

President Lee Jae Myung and Chinese President Xi Jinping walk together to sign the guest book during the official welcome ceremony for Xi at the Gyeongju National Museum in Gyeongju, North Gyeongsang Province, Saturday. Joint Press Corps

In particular, the two sides agreed to activate a regular high-level communication channel to strengthen strategic dialogue on bilateral issues, as well as regional and global affairs.

As to North Korea's nuclear and missile programs issue, Wi said Lee called for Beijing's role to resume dialogue with Pyongyang, saying the leaders recognized Washington-Pyongyang talks are the most important to resolve the matter.

Prior to the talks, an official welcome ceremony for Xi’s state visit was held at the museum. The two leaders then signed the guest book, reviewed the honor guard, and greeted members of their respective delegations.

To mark the occasion, Lee presented Xi with a premier-end go board and a piece of traditional Korean lacquerware, known as "najeonchilgi," as state gifts, symbolizing friendship and cultural exchange between the two nations.

President Lee Jae Myung proposes a toast during the state banquet held in honor of Chinese President Xi Jinping at Sono Calm Gyeongju in North Gyeongsang Province, Saturday. Yonhap

Following the summit, the two sides held a signing ceremony for six memorandums of understanding (MOUs) and one agreement.

Among the agreements was the joint response to voice phishing and online scam crimes, for coordinated efforts between the police authorities to tackle transnational scam activities amid growing concern over cross-border crime.

President Lee Jae Myung and Chinese President Xi Jinping attend the state banquet held at Sono Calm Gyeongju in North Gyeongsang Province, Saturday. Yonhap

Other MOUs included those on cooperation in the silver industry, joint promotion of an innovation and startup partnership program, and advancing the Korea–China FTA negotiations on services and investment. The two sides also agreed to enhance exchanges in service trade and streamline quarantine procedures to facilitate Korean agricultural exports to China.

In addition, the two countries signed an agreement to extend the won–yuan currency swap, further deepening financial cooperation. The five-year agreement, worth 70 trillion won (400 billion yuan or $49 billion) between the two central banks, is expected to contribute to the stability of financial and foreign exchange markets and promote bilateral trade.