The mid-sized business community on the 6th, regarding the summit between President Lee Jae-myung and Chinese President Xi Jinping, said it "will be a historic opportunity that lays the cornerstone for a concrete cooperation process to effectively respond to changes in the global economic environment, including AI, renewable energy, and supply chains, and to resume communication between the two countries that had been strained."
The Federation of Middle Market Enterprises issued a commentary the same day, saying, "The government clearly showed the urgency and firm will to swiftly normalize human and material exchanges with China, the largest trading partner, to expedite the recovery of the economy and livelihoods." It continued, "China is the largest export destination for mid-sized companies and the No. 3 preferred country for expansion," adding, "With the Korea-China summit as a turning point, expectations are high that we can further strengthen the business partnership that has been damaged for years, seek coexistence-oriented cooperation plans, and enable mid-sized companies to discover new growth engines."
The Federation of Middle Market Enterprises also said, "Through the second round of Korea-China FTA negotiations, we should pursue additional tariff reductions and expanded exemptions, and resolve the inequities that have relatively disadvantaged our corporations," adding, "By substantially easing the remaining Chinese non-tariff barriers to a commensurate level, we should prevent short-term damage to domestic industries and, in the long term, build a friendly cooperative relationship between the two countries."
The Federation of Middle Market Enterprises emphasized that continued follow-up communication is needed to maximize the outcome of this summit amid intensifying U.S.-China tensions. The Federation said, "By using various diplomatic channels, including support for China's hosting of APEC, we should further solidify trust between the two countries' leaders and quickly realize the issues discussed at the summit through a multi-layered network involving the public and private sectors." It added, "We should continue constructive consultations to derive reasonable solutions and measures on key issues such as peace and denuclearization on the Korean Peninsula and structures in the West Sea."
The Federation of Middle Market Enterprises said, "Just as President Deng Xiaoping's 'black cat, white cat' theory led to China's rapid growth in 1979, we hope our government's 'national interest first, pragmatism-centered diplomacy' will establish an irreversible growth foundation that supports the prosperity of future generations beyond a major economic leap," adding, "The mid-sized business community will also fulfill its responsibility as the 'backbone' of the economy through active local expansion, discovery of new businesses, enhancement of technological competitiveness, and cultivation of advanced talent."