Jointly Promoting the Stable Development of China-South Korea Economic and Trade Relations through Strengthening Communication and Exchanges- Fourth Round of China-South Korea Entrepreneurs and Former Senior Officials Dialogue Held in Seoul

The fourth round of China-South Korea Entrepreneurs and Former Senior Officials Dialogue was held on December 19-20th in Seoul. Former Vice Prime Minister of South Korea, Yoo Il-ho, and Executive Vice Chairman of the China Center for International Economic Exchanges (CCIEE), Bi Jingquan, delivered opening remarks. Representatives from both Chinese and Korean business sectors, former senior officials, and experts, including Ning Jizhe, Vice Chairman of CCIEE, Fang Kun, Charge d'Affaires ad interim of China’s embassy to South Korea, and Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), participated in the dialogue, totaling more than 40 participants.

Bi Jingquan stated that the leaders of both countries met in Bali last year, and in September this year, Prime Minister Han Duck-soo participated in the Asian Games and held a meeting with President Xi Jinping. Recently, the foreign ministers of China and South Korea reaffirmed the strategic partnership between the two countries. These interactions have created a favorable environment for economic and trade cooperation. Both countries' business sectors should earnestly implement the series of consensus reached by the leaders, expand cooperation in high-tech manufacturing, new energy vehicles, artificial intelligence, environmental protection, and healthcare. They should explore cooperation in landmark projects in the electronics and information technology sectors, jointly develop third-party markets, and maintain the stability of the industrial and supply chains.

Yoo Il-ho expressed that this year marks the beginning of the next 30 years of diplomatic relations between China and South Korea. In recent years, there have been significant changes in the global economic and trade environment. China and South Korea need to recognize the changes in the domestic and international environments, actively fulfill their responsibilities, and promote high-level trade development. The fourth round of China-South Korea Entrepreneurs and Former Senior Officials Dialogue plays a bridging role in promoting the development of bilateral economic and trade relations. The discussions between Chinese and South Korean entrepreneurs and former senior officials are of great significance for enhancing mutual understanding and deepening trust. It is hoped that the two countries can take their relationship to a new level.

Ning Jizhe stated that China and South Korea are extremely important trade and investment partners for each other. In recent years, the industrial and trade structure between China and South Korea has shifted from vertical division of labor to horizontal division of labor, and the two countries' industrial and supply chains are highly complementary and interwoven. There is still significant cooperation potential in traditional industries such as automobiles, machinery, electronics, and energy and chemicals. In emerging industries like new energy vehicles and biopharmaceuticals, there is vast space for cooperation. Both sides can enhance cooperation in modern services, technological innovation, collaboration among large, medium, and small enterprises, and regional cooperation, thereby elevating the level and quality of China-South Korea economic and trade cooperation.

At the conclusion of the dialogue, the CCIEE and KCCI issued a joint statement, calling for concerted efforts to reduce uncertainties in the development of bilateral economic and trade relations, improve the business environment, and promote economic cooperation. They emphasized the need to strengthen cooperation in areas such as promoting free trade, improving the business environment for enterprises, advancing negotiations on upgrading the China-South Korea Free Trade Agreement (FTA) in services and investment, engaging in medical service cooperation, stabilizing supply chains, addressing carbon neutrality, and promoting digital transformation. The joint statement also highlighted the initiation of collaborative research to enhance the synergies of economic cooperation.

The China-South Korea CEO and Former Senior Officials Dialogue is jointly organized by the CCIEE and KCCI, serving as a "track-two" communication platform between China and South Korea, which aims to enhance mutual trust and understanding among entrepreneurs of the two countries, promote practical cooperation, and play a role in influencing government policies through private sector initiatives. Since the first round of dialogue held in Beijing in September 2018, four rounds of meetings have taken place both online and offline in Beijing and Seoul. The fifth round is scheduled to be held in Beijing next year.

Representatives from Chinese companies such as Sinopec, Sinopharm, China Huaneng Group, CICC, China Eastern Airlines, Fosun International, Luye Life Sciences, Shenzhen Chipscreen, Guangzhou New City Investment, XPeng Motors, Heilongjiang AoLiDa Pharmaceuticals, and Liaoning Haide Machinery, as well as South Korean companies SK, Samsung Electronics, Hyundai, Hanwha, CJ, LG, LS, and HD Hyundai COSMO, participated in this round of dialogue.