Korea and China are 'inseparable partners': Chinese ambassador

Industry

Published: 29 Sep. 2022, 17:18

Korea and China are 'inseparable partners': Chinese ambassador

Chinese Ambassador Xing Haiming, fourth from the left in the first row, and Korea Enterprises Federation Chairman Sohn Kyung-shik, fifth from left, pose for a photo during a meeting held at Westin Josun Hotel in central Seoul, Thursday. [KEF]

Korea and China should strengthen their ties amid rising economic uncertainties, the Chinese ambassador said.

"China and Korea are close neighbors that cannot move away from each other, and inseparable partners," said Xing Haiming, China's ambassador to Korea, in a speech during a meeting on Korea-China trade relations held by Korea Enterprises Federation (KEF) at Westin Josun Hotel in central Seoul, Thursday.

The event, which is in its third year, was attended by KEF Chairman Sohn Kyung-shik and local business leaders, including Hanwha Solutions Executive Vice Chairman Kim Chang-bum, Doosan Corp. Executive President Moon Hong-sung, Hyundai Motor Vice President Jung Sang-bin and Samsung Electronics Vice President Kim Won-kyung.

"The current international geopolitical situation is very complex, and there are many uncertain factors in the global economy," said Xing. "China and Korea need to enhance cooperation in each sector to secure stable industrial network and supply chain while making use of the opportunities that RCEP will bring."

The RCEP is the Regional Comprehensive Economic Partnership.

KEF Chairman Sohn said in his opening remarks that "the current situation is very concerning to both Korea and China," citing the rapidly changing geopolitical situation, the rise of protectionism and inflation risks.

"At a time like this, Korea and China, which are close neighbors, should team up together to overcome the multi-layered global crisis," Sohn said.

This year marks the 30th year of diplomatic relations between Korea and China. The trade volume between the two countries, which had been $6.4 billion in 1992 when the trade first began, hit $300 billion last year.

Following the event, Xing answered questions from reporters about the recent passage of the U.S. Inflation Reduction Act. He criticized the U.S.'s recent move to isolate China in the global supply chain.

"The United States is the world's major power," said Xing. "As such, it should not divide the world by small regions and lead the economy and the world order in such way."

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]