1. The 24th Korea-China meeting for a comprehensive review of economic cooperation took place in a virtual format between Seoul and Beijing on December 9, with Director-General for Bilateral Economic Affairs of the Korean Ministry of Foreign Affairs Yang Dong-han and Director-General of the Department of Asian Affairs of the Chinese Ministry of Commerce Peng Gang leading their respective delegations.

° The Korea-China meeting for a comprehensive review of economic cooperation is a director-general-level consultative mechanism between the Korean Ministry of Foreign Affairs and the Chinese Ministry of Commerce, through which the two sides comprehensively review the progress in bilateral economic cooperation and exchange views on ways for cooperation, including exploring new cooperation projects. This meeting has taken place nearly on annual basis since the first meeting in 1993, contributing to deepening and advancing bilateral economic cooperation.

° In particular, this year’s meeting, which came after the 24th meeting of the Korea-China Joint Economic Committee held in Qingdao on August 1, 2020, despite the difficulties in holding face-to-face meetings due to the spread of COVID-19, is seen to have served as an opportunity to enhance mutual understanding on key issues in the field of bilateral economic cooperation and to exchange in-depth views on ways for cooperation.

2. In the meeting, the two sides noted with appreciation that the two countries have worked closely together in responding to COVID-19, as could be seen from the fact that while respecting quarantine measures of each other’s countries, they have ensured essential travel and economic activities of business people by implementing the Korea-China fast track procedure for entrepreneurs. They agreed to make efforts to continue advancing bilateral cooperative relations in the mid to long term.

° The two sides reviewed the progress in drafting the Korea-China Joint Plan for Economic Cooperation (2021-2025) containing a blueprint for economic cooperation over the next five years amid the changing economic landscape at home and abroad, and agreed to accelerate the efforts to draft this report. With regard to cooperation between Korea’s New Southern and Northern Policies and China’s Belt and Road Initiative, they agreed to seek substantive achievements by carrying out concrete projects.

° The Chinese side took note that Korea and China were first to establish the fast track procedure after the outbreak of COVID-19, which became an exemplary case for the world, adding that the Chinese government will continue implementing the fast track procedure and make active efforts to resolve difficulties faced by small- and medium-sized enterprises in the operation of chartered flights and the entry into China.

3. The Korean side highlighted the importance of expanding bilateral exchanges and cooperation in such areas as cultural contents; asked the Chinese government to continue cooperation in resolving difficulties of Korean companies operating in China in the field of the protection of intellectual property rights as well as health and medical care; and suggested that the two countries communicate more closely on tourism and sanitary and phytosanitary cooperation.

° In particular, the Korean side, welcoming that China recently issued a new business license to a Korean mobile game, asked for the Chinese government’s cooperation for business licenses to continue being issued to Korean games. The Chinese side expressed its will to continuing communication in that regard.

° The two sides agreed to seek tangible results for Korean and Chinese entrepreneurs as well as increased and deepened economic cooperation between the two countries by supporting smooth economic activities of Korean and Chinese companies operating in each other’s countries.

4. The Chinese side asked for the Korean government’s interest in China’s plan to boost trade and investment as well as to enhance economic cooperation among provinces, including through the annual China International Import Expo, as well as cooperation over difficulties of Chinese enterprises in Korea.

° The Chinese side, noting that much progress has been made with regard to the Korea-China International Cooperation Demonstration Zone in Changchun, suggested continuing active cooperation. The Korean side extended appreciation to the Chinese government for supporting the efforts to promote exchanges and cooperation with governments of such provinces as Jiangsu,Shandong and Guangdong, where a number of Korean companies are operating.

5. The two sides reviewed the economic situations of the global community and the two countries since the outbreak of COVID-19 and exchanged views on ways to promote regional and multilateral cooperation; and, welcoming the signing of the Regional Comprehensive Economic Partnership (RCEP) on November 15, agreed to continue close bilateral communication on follow-up negotiations over the services and investment sectors of the Korea-China FTA as well as on the Korea-China-Japan FTA.