1. The 20th meeting of the ROK-China Joint Economic Committee took place in Yantai, Shandong Province, China, on December 23, with 2nd Vice Foreign Minister Cho Tae-yul and Chinese Vice Minister of Commerce Gao Yan leading their respective delegations.

2. The two sides took note that the ROK-China Joint Economic Committee, which holds its 20th meeting this year, has significantly contributed to enhancing economic cooperation between the two countries since the establishment of diplomatic relations in 1992. Considering the two countries’ changed status in the international community and institutional changes in bilateral economic relations, especially following the effective conclusion of the ROK-Chin FTA in November, 2014, the two sides agreed to develop the Joint Economic Committee into an important channel that can help advance bilateral relations.

3. The two sides shared the view that with global economic uncertainty growing due to numerous factors, such as lackluster demand and oil price fluctuations, there is more need than ever for closer macroeconomic coordination between the two countries. They examined the current state of the two countries’ economies, as well as their policies for economic innovation, including the ROK government’s three-year economic innovation plan.

4. The two sides took note that the agreements on the economic front reached between the ROK and Chinese Presidents during Chinese President Xi Jinping’s visit to the ROK in July are being implemented smoothly, including financial cooperation to increase the use of the yuan. In particular, the two sides noted that an institutional framework in economic cooperation has been established following the effective conclusion of the ROK-China FTA in November. They agreed to continue to cooperate in follow-up procedures so that the peoples of the two countries can enjoy the benefits of the FTA.

5. With the conclusion of the FTA, economic cooperation between the two countries will expand beyond trade and investment to other various areas, including service, finance, regulation, and people-to-people exchange, and there will be closer bilateral cooperation in responding to changes in the economic and trade environment, including increased connectivity in the global economy. Considering these, the two sides agreed to carry out joint research on and prepare for a vision document, which can be a guideline for managing bilateral economic relations in a systematic manner with a clear vision and goals in the post-FTA era.

6. Recognizing the need to explore possibilities for cooperation with China through an integrated freight transport network in pursuing the ROK government’s Eurasia Initiative, aimed at strengthening connectivity between Asia and Europe, the ROK side offered joint research by research institutes designated by relevant ministries of the two countries on the current use of Chinese railways in East Asia-Europe trade and ways to increase the usage. The Chinese side stated that China will consult on the issue following relevant agencies’ internal review.

7. The ROK side called for the Chinese Commerce Ministry’s interest in and support for discussions on the “Saemangeum ROK-China economic cooperation complex,” and hoped that officials of the Commerce Ministry will visit the Saemangeum area in the near future. The Chinese side stated that China will positively consider the offer and actively cooperate on the issue.

8. The two sides exchanged views on issues of mutual concern, including difficulties faced by companies of the two countries. They agreed to cooperate in smoothly resolving them through continued communications and coordination between working-level officials of relevant agencies of the two countries in order to create a more favorable investment environment.

o The ROK side addressed issues facing Korean companies and people, including simplifying visa issuance procedures for Korean employees dispatched to Korean companies in China, difficulties experienced by Korean students in obtaining visas, delay in administrative procedures for a VAT refund, and regulations on foreign videos.

o The Chinese side requested the ROK government’s interest and cooperation to strengthen economic and trade cooperation between provinces, ease trade imbalance between the ROK and China, expand the ROK’s investment in China, and improve the trade and investment environment in the ROK.

9. This Joint Economic Committee meeting came at a time when there are changes at home and abroad surrounding the ROK-China economic relations, including the effective conclusion of the ROK-China FTA. It served as a good opportunity for the two countries to discuss the way forward in bilateral economic cooperation and key cooperation projects from a broader perspective, thereby helping further strengthen strategic communication to enhance economic cooperation between the two countries. 


              Spokesperson and Deputy Minister for Public Relations of MOFA

*unofficial translation