Korea, China agree to boost economic cooperation

Finance Minister Kim Dong-yeon, left, and his Chinese counterpart He Lifeng shake hands after their meeting in Beijing, Friday. / Courtesy of Ministry of Strategy and Finance

By Jung Min-ho

The top economic policymakers of Korea and China agreed to strengthen their countries cooperation Friday ― a sign that Beijing may give up its “THAAD retaliation.”

According to the Ministry of Strategy and Finance, Minister Kim Dong-yeon and his Chinese counterpart He Lifeng have agreed to boost economic cooperation in many areas, including tourism ― an industry that took a hit after China banned group package tours to Korea.

Ahead of the PyeongChang Olympics, just week away, the two countries decided to promote cultural exchanges through tourism, the ministry said.

China, the host of the next Winter Games in 2022, will have to learn about new technologies and management knowhow from Korea after the PyeongChang Olympics, just as Korea did from Russia, which held the 2014 Sochi Games.

“Both Korea and China are focused on developing their economies through innovation. We will have to step up cooperation in all these areas,” Kim said during the meeting in Beijing.

To expand exchanges in the science and technology sectors, the two governments will soon hold a joint conference, the ministry noted.

For many Korean firms struggling with regulations in China, Kim also asked He to resolve such difficulties, which the latter promised to do.

Korean companies, including Samsung Electronics, Hyundai Motor, Lotte and CJ, are known to have had difficulties since the Chinese government banned package tourists from visiting Korea in response to the deployment of a U.S. Terminal High Altitude Area Defense battery last March.

The meeting between Kim and He marked the resumption of talks between the two nations’ top economic policymakers, which have been halted since May 2016.

Under the agreement, the two countries will establish a consultative body to boost tourism, and set up a pilot free trade zone in China’s northeastern provinces.