President Lee Jae-myung, on a state visit to China, attended the Korea-China Business Forum held in Beijing on the 5th and met the heads of the two countries' business communities. It has been six years—and seven by the calendar—since a large-scale economic delegation organized around the Korea Chamber of Commerce and Industry visited China, which last occurred under the Moon Jae-in administration in 2019. Business leaders from the two countries are discussing cooperation plans not only in the traditional area of manufacturing but also in services and the culture and gaming industries. In particular, attention is on whether the Korea-China summit held the same day will become a watershed for lifting China's restrictions on Korean content (the Hanhanryeong).
According to the Blue House, the forum was attended by Chey Tae-won, SK Group chairman (KORCHAM chairman); Lee Jae-yong, Samsung Electronics chairman; Chung Eui-sun, Hyundai Motor Group chairman; and Koo Kwang-mo, LG Group chairman. Also present were Chang In-hwa, POSCO Group chairman; Huh Tae-soo, GS Group chairman; Koo Ja-eun, LS Group chairman; and Sohn Kyung-shik, CJ Group chairman, as well as Choi Byung-oh, Hyungji Fashion Group chairman; Jang Cheol-hyuk, SM Entertainment CEO; and Kim Chang-han, Krafton CEO, to seek ways to enhance economic cooperation. It is a large-scale event with more than 400 attendees, including 200 from Korea's economic delegation and participants from Chinese corporations.
From China's business community, the list included Ren Hongbin, chairman of the China Council for the Promotion of International Trade; Hou Qijun, chairman of China Petroleum & Chemical Corporation; Ni Zhen, chairman of China Energy Engineering Group; and Liao Lin, chairman of Industrial and Commercial Bank of China. Also in attendance were Li Dongsheng, chairman of TCL Technology Group, a leading TV, home appliance and display manufacturer; Zeng Yuqun, CATL chairman, a manufacturer of lithium-ion batteries for electric vehicles and ESS; Wang Jianyou, chairman of apparel company LANCY; Liu Yong, vice chairman of Tencent, a mobile messenger and gaming company; and Xu Ziyang, chairman of ZTE, a telecommunications equipment and smartphone company.
The forum was held as President Lee emphasized "strategic autonomy," moving away from the old stance of security with the United States and economy with China. The key is to go beyond the past structure of cooperation—Korea's technology and capital with China's production and labor—and include China's advanced technology sectors as targets for cooperation. Corporations and institutions of both countries are also set to sign memorandums of understanding (MOUs) in areas such as supply chain expansion, new consumer-goods markets, and the services and content institutional sector.
Earlier, in a China Central Television interview on the 2nd, President Lee said, "In the past there was the logic of security with the United States and economy with China, but Korea's strategic autonomy is very important in this regard," adding, "If each side faithfully pursues its own national interest while accommodating the other's position as much as possible, we can gain far greater benefits." At a meeting with compatriots the previous day, Lee also praised China's advances in Fintech and renewable energy technology, saying there are "countless areas to cooperate in."