Economic Ties

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The South Korean and Chinese presidents have also agreed to bolster economic cooperation in a bid to restore their bilateral ties. First of all, they agreed to modify their free trade agreement and resume business projects that had been previously suspended.

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The leaders of South Korea and China have agreed to begin follow-up talks on the service and investment sectors of the bilateral free trade deal. The first round of the follow-up talks is slated for early next year to discuss the expansion of Korea-China trade to the service sector in addition to processing trade. This is necessary to further upgrade the two countries' economic structures.

[Soundbite] Pres. Moon Jae-in : "We hope to create future growth engines together and promote cooperation in the fields that can improve people's lives in both nations."

The two leaders have also agreed to resume suspended business projects, such as the creation of a Korea-China industrial complex and the establishment of an investment cooperation fund. They also agreed to sign 19 MOUs in the private sector and promote cooperation in the fields of new renewable energy, self-driving vehicles and robotics. South Korea and China will also cooperate on environmental issues under a five-year environmental cooperation plan to address air pollution and other problems.

[Soundbite] Yoon Young-chan (Senior Presidential Secretary for Public Relations) : "President Xi has offered the two countries promote bilateral cooperation in a mutually beneficial way to achieve co-prosperity."

Meanwhile, First Lady Kim Jung-sook met with Chinese artist Han Meilin, who created the mascots for the 2008 Summer Olympics in Beijing. The first lady recited a poem on a poetry Website to appeal to the Chinese public. The state dinner that was held after the summit meeting was attended by top Korean celebrities. They included actress Song Hye-kyo, actress Chu Ja-hyun and her Chinese husband, and the idol group EXO.