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.
Korea, China set example for global cooperation on COVID-19
Chinese Ambassador to Korea Xing Haiming delivers a speech during 2020 Korea Times Forum at The Plaza Seoul hotel, Thursday. Korea Times photo by Shim Hyun-chul
By Yi Whan-woo
Chinese envoy projects Seoul, Beijing to lead Asian economy in post-pandemic world
By Yi Whan-woo
Cooperation is the only key to overcoming a global challenge like the COVID-19 pandemic, and Korea and China demonstrated how it can work successfully, Chinese Ambassador to Korea Xing Haiming said, Thursday.
Speaking at the 2020 Korea Times Forum in Seoul, he said the pandemic showed the lives and health of people all around the world are closely connected to each other.
“Humankind, which has experienced various challenges and crises, needs more inclusive and universal development. Problems that arise from globalization can be resolved only through global development,” Xing said during his speech delivered in Korean at the forum at The Plaza Seoul hotel.
Xing was among the eight heads of diplomatic missions invited to the forum, with other envoys being from Honduras, Indonesia, Kuwait, Mexico, Qatar, Turkey and the United Kingdom.
The forum came after Korea and China, despite lingering concerns over the continued spread of the coronavirus, have been keeping the virus under control after difficulties during the early stages of the pandemic.
Xing said setting up a joint quarantine system, supplying each other with test kits and other medical equipment as well as sharing clinical test data have been helping the two countries to overcome COVID-19.
“Korea and China have become a model in terms of the fight against the virus and their cooperation shows that working together is the only way to overcome the pandemic,” he said.
He referred to joint emergency measures including “fast-track” entry, which allows businesspeople to visit each other's country if they are tested negative for the coronavirus, a measure aimed at keeping the door open for businesspeople and thus minimizing economic fallout from the pandemic.
“How the spirit of cooperation can play a critical role in a global crisis is well-represented by the people of the two countries,” Xing said. “Thanks to this, not only the Korean and Chinese but also the Asian economy is recovering fast.”
Citing reports from McKinsey & Company and the Boao Forum for Asia, the ambassador noted that Asia will lead the next normal and that the region will account for over half of the world's gross domestic product (GDP) for the first time in 2020.
“And I am confident that China and Korea will continue to lead the Asian economy after the end of the COVID-19 crisis,” he said.
Regarding the outlook for China's GDP, Xing said his government has not made any official statement due to the uncertainty around the current crisis.
“This, however, does not mean we do not have a goal concerning employment and other public sectors. It rather shows our government's will to spend more resources and energy to enhance such sectors,” he said.
To help pandemic-hit industries recover, the Chinese government plans a range of corporate benefits, including tax exemptions, financial assistance and loans, according to Xing.
The country will also continue its “open-door” policy for global investors by minimizing the so-called “negative lists” and forming a favorable environment for both domestic and foreign businesses to compete fairly.
“These are not empty words or cliches from our government. These are pledges to enhance cooperation,” the ambassador said. “I am sure we will offer a new opportunity for a shared development with Korea and other countries, and will help Asia open a glittering era.”