Korean and Chinese economic policymakers emphasize supply chain cooperation

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok speaks from Seoul during a video conference with National Development and Reform Commission (NDRC) Chairman Zheng Shanjie from China, Thursday. Yonhap

The top economic policymakers of Korea and China discussed the importance of enhancing bilateral cooperation on supply chains during their highest-level economic dialogue in nearly two years, held Thursday.During a video conference linking Seoul and Beijing, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok and National Development and Reform Commission (NDRC) Chairman Zheng Shanjie discussed strengthening ties in trade and investment between Korea and China.The NDRC is the top decision-making body responsible for establishing and implementing China’s national economic and social development strategies. It operates under the auspices of the State Council, which oversees and executes the principles and policies of the Communist Party of China.The video conference followed a previous meeting between the top economic policymakers of the two countries in August 2022. At that time, the meeting was conducted online between Choi’s predecessor, Choo Kyung-ho, and Zheng.Thursday’s dialogue also occurred amid heightened tensions in the U.S.-China trade war and other geopolitical risks, highlighting the need for Korea to carefully balance diplomacy and trade policies.

“It is noteworthy that bilateral cooperation on multiple projects made considerable progress since the last meeting, and the two sides should upgrade the level of cooperation in line with rapidly-changing international circumstances,” Choi said.He described the Korea-China supply chain as “broad and deep” in line with their extensive bilateral ties, emphasizing the importance of ensuring its durability and connectivity. He expressed the need to advance the scale and scope of relevant cooperation to a higher level.In particular, Choi emphasized the importance of cooperation in biotechnology, renewable energy, and the supply of raw materials and critical earth materials.Zheng referred to the two countries as “inseparable neighbors,” highlighting the reciprocal nature of their connected supply chain. He emphasized the importance of continuing and building on their cooperative efforts.In the context of trade and investment, Choi expressed hopes of expanding cooperation into the creative cultural content and service sectors. He suggested lowering barriers for relevant businesses and creating a business-friendly environment to facilitate this expansion.The conference was divided into five major agenda items and was attended by officials from both countries in finance, commerce, environment, culture, and welfare.The first session dealt with Korea’s macroeconomic policy directions.The second session focused on the supply chain for next-generation industries, while the following session centered on the aging society and the corresponding measures that need to be taken.The fourth session dealt with climate change, while the last session discussed possible joint cooperation 메이저 in investments in third countries.

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