China, South Korea boast new economic exchanges to deepen collaboration in a time of geopolitical strife
- Washington’s sanctions on China, coupled with the rapid rise of China’s automobile industry, have South Korea seeking new areas in which to cooperate
- China’s top economic planner is also anticipating a revitalisation of the nation’s northeast rust-belt region that is near South Korea
China and South Korea have held a ministerial-level meeting to explore the possibility of closer economic cooperation, as analysts say the two Asian economic powerhouses have managed to rebalance economic ties.
China’s top economic planner, the National Development and Reform Commission (NDRC), on Tuesday held its inaugural meeting on bilateral economic exchanges with members of South Korea’s finance ministry in Changchun, Jilin province.
The Chinese side relayed its desire to “consolidate and enhance the resilience and cohesion of the industrial and supply chains between the two countries”, according to an NDRC statement on its official WeChat account.
The NDRC said it raised hopes of fostering deeper collaboration with its neighbour in the realms of high-end manufacturing, the digital economy, and low-carbon initiatives.
The NDRC also pinned hopes on a broader revitalisation of the nation’s northeast rust-belt region – a plan that President Xi Jinping updated this year to rejuvenate the old industrial region that is near South Korea and has faced economic challenges for years.