President Lee Jae-myung, on a state visit to China, said at the Korea-China Business Forum on the 5th that "Korea-China trade has been stagnant at around $300 billion," adding, "We must open up new markets." The message was to expand economic cooperation beyond traditional manufacturing to include technology cooperation in consumer goods and artificial intelligence (AI), as well as into content and culture, which the Chinese government has effectively restricted since 2016.
At the forum held at Beijing Diaoyutai, China's state guesthouse, Lee said, "As technology rapidly shifts direction and supply chains have become harder to predict, relying only on past inertia can cause us to miss what matters," adding, "Now we have to chart a new course."
Lee said, "The two countries have shared historical and cultural values based on geographic proximity," and added, "Through artificial intelligence, a future technology, we should also pursue cooperation on a new level together." He also said, "Consumer goods such as household items, beauty, and food, and culture and content such as films, music, games, and sports will become a new breakthrough," adding, "Artificial intelligence will broaden the scope and deepen the level of cooperation across sectors including manufacturing and services."
The business community is also watching whether this visit to China will be a watershed in lifting restrictions on Korean content (the Thaad retaliation known as Hanhanling). After underscoring the importance of "cultural exchange" between the two countries in his keynote speech, Lee said, "Seoul culture tours and K-beauty experiences have become popular travel courses for Chinese youth, and Friday-after-work trips to Shanghai have become a new trend among Korean young people," adding, "These exchanges are opening up new possibilities for cooperation across everyday services, including content platforms."
He also emphasized "economic exchange," citing Byeokrando, a key trade hub in the Goryeo era. Paper produced in Goryeo, known as Goryeoj i (高麗紙), was exported to China's Song dynasty, and various Buddhist scriptures transcribed on this paper were delivered back to Goryeo, supporting academic development and contributing to the growth of Buddhist culture. In particular, he said, "What deserves more attention is the fact that trade through Byeokrando did not stop even during times of diplomatic tension and conflict." The point was that economic cooperation should continue despite sources of conflict between Korea and China.
The Korea-China Business Forum was held as the two leaders met again in two months and pledged to solidify the "full restoration of the strategic cooperative partnership." It also coincides with the timing of a Korean president's first state visit to China in nine years since Moon Jae-in. It is also notable that Lee emphasized "strategic autonomy," going beyond the existing stance of "security with the United States, economy with China." In addition to the heads of the four major conglomerates, attendees included Krafton and SM Entertainment, as well as China's Tencent, battery manufacturer CATL, and telecommunications equipment maker ZTE.
Lee said, "As with people, if we look for differences, we can fall apart endlessly, but if we find similarities, we can grow endlessly closer," adding, "I hope we can have a candid discussion together about the new course we will pursue, find more common ground than differences, and make this a new start for a friendly relationship."
He Lifeng, vice premier in charge of the economy at the China State Council, said in his opening remarks, "China-Korea relations have kept pace with the trend of the times, served the interests of the peoples of both countries, contributed to world peace, stability, development, and prosperity, and become a model for international cooperation," adding, "We will ensure that representatives of both countries engage in in-depth exchanges, tap the potential for cooperation, and move to a new stage."
◇From Samsung, SM, and Krafton to CATL, ZTE, and Tencent
The business sector is hoping for new openings as Korea-China relations improve. Hyundai Motor Group Chairman Chung Eui-sun met reporters before the forum and said, "If relations between the two countries improve through this Korea-China summit, it will greatly help Hyundai Motor," adding, "Sales and production in China have fallen sharply, but we plan to humbly increase production and sales in China."
According to the presidential office, attending the forum were the heads of the four major conglomerates: SK Group Chairman Chey Tae-won (KORCHAM chairman), Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, and LG Group Chairman Koo Kwang-mo. Also present were POSCO Group Chairman Chang In-hwa, GS Group Chairman Huh Tae-soo, LS Group Chairman Koo Ja-eun, and CJ Group Chairman Sohn Kyung-shik, as well as Fashion Group Hyungji Chairman Choi Byung-oh, SM Entertainment CEO Jang Cheol-hyuk, and Krafton CEO Kim Chang-han, who explored economic cooperation. It was a large event with more than 400 participants, including 200 from Korea's economic delegation and Chinese businesspeople.
From China's business community, attendees included Ren Hongbin, chairman of the China Council for the Promotion of International Trade, Hou Qijun, chairman of China Petrochemical Corporation, Ni Zhen, chairman of China Energy Engineering Group, and Liao Lin, chairman of Industrial and Commercial Bank of China. They also discussed expanding Korea-China cooperation with Li Dongsheng, chairman of TCL Technology Group, a leading TV, home appliance, and display manufacturer; Robin Zeng, chairman of CATL, a lithium-ion battery maker for electric vehicles and ESS; Wang Jianyou, chairman of apparel corporation LANCY; Liu Yong, vice chairman of Tencent, a mobile messenger and gaming corporation; and Xu Ziyang, chairman of ZTE, a telecommunications equipment and smartphone corporation.