Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Korean businesspeople enter China under eased regulations
Chinese Ambassador to Korea Xing Haiming bumps elbow with one of the Korean businesspeople leaving for China as a new COVID-19 greeting at Incheon International Airport, Sunday. Yonhap
By Yi Whan-woo
By Yi Whan-woo
Korean businesspeople have begun to enter China under streamlined quarantine regulations from Sunday, after the two countries jointly sought to restore economic exchanges hit by the COVID-19 pandemic.
China has been requiring travelers from Korea to undergo a 14-day quarantine upon their arrival.
The fast-track procedure jointly introduced by the two neighbors allows businesspeople to enter China if they are tested negative for the coronavirus up to two days after their arrival.
Korea is the first country for which China implements the streamlined arrival system after the COVID-19 outbreak in January, hinting at the significance of their economic partnership.
The measure took effect on May 1 at Shanghai, Tianjin, Chongqing, Liaoning, Shandong, Jiangsu, Guangdong, Shanxi, Sichuan and Anhui ― the 10 most-visited places by Korean businesspeople.
A total of 215 executives and staff from Samsung SDI, Samsung Electro-Mechanics, Samsung Display and their sub-contractors were the first group to benefit from the fast-track procedure, Sunday.
?During their departure at Incheon International Airport, they were greeted by officials from the Ministry of Foreign Affairs and the Chinese Embassy in Seoul.
“This system only exists in Korea and China. And it means a lot,” Chinese Ambassador to Korea Xing Haiming said. “It possibly shows the rest of the world what we can do and what we have to do.”
The envoy said the two countries should think about economic recovery and economic cooperation in the post-COVID-19 era, although they should not be “off guard.”
“We will consult each other accordingly to come up with good cooperative measures,” Xing said.
Lee Sung-ho, a senior ministry official, assessed “This is a meaningful first step to restore and normalize economic cooperation.”
“The world economy is struggling, and I think Korea and China may be able to give a good message through our little yet experimental effort.”
Also from the foreign ministry, Eom Chan-wang reckoned the fast-track procedure was made possible based on mutual trust enhanced through cooperation on the pandemic.
“Bolstering economic cooperation is a must to overcome the COVID-19 crisis, and in that regard, visits of the entrepreneurs is important,” Eom said.
China has been Korea's top trading partner for years. In 2019, exports to China amounted at $136.2 billion, accounting for 25.1 percent of the total exports worldwide.