Say ‘xie xie’ and forget Taiwan? South Korea’s Yoon taps public resentment to snub calls for better Beijing ties

South Korea’s conservative president has damaged trade ties by unnecessarily ‘antagonising’ mainland China, according to the opposition chief

But Yoon looks set to rebuff ‘submissive’ calls to back down on the Taiwan issue, a position analysts say aligns with public sentiment in South Korea

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South Korean President Yoon Suk-Yeol speaks during the 3rd Summit for Democracy in Seoul on March 18. Photo: EPA-EFE

Published: 4:30pm, 25 Mar 2024

South Korean conservative President Yoon Suk-yeol is poised to maintain a hardline stance on China, despite the expected victory of liberals in next month’s parliamentary elections.

Analysts say Yoon’s position aligns with the “resentment against China” felt by much of the Korean public, with polls suggesting seven out of 10 South Koreans have an unfavourable view of the country.

But top opposition leader Lee Jae-myung’s remarks still stirred controversy last week.

Lee Jae-myung, chairman of the main opposition Democratic Party, speaks at a party event in Seoul ahead of the April 10 elections. Photo: Yonhap via EPA-EFE

Lee, currently on the campaign trail ahead of pivotal April 10 parliamentary elections, on Friday accused Yoon of jeopardising trade relations with China through unnecessary provocations, spurring the ruling conservative People Power Party to attack the head of the liberal Democratic Party of Korea for his “submissive” attitude towards China.

“We can simply say xie xie (thank you) to both [mainland] China and Taiwan … Why should we intervene in the Taiwan Strait issue?”, Lee said on Friday while campaigning for his party’s candidates in the southwestern city of Dangjin.

China remains South Korea’s top trading partner, absorbing some 80 per cent of the East Asian nation’s annual US$54 billion trade surplus from 2010 to 2021.

But this has changed in recent years, with the trade surplus shrinking to US$1.2 billion in 2022. Last year, South Korea registered a trade deficit, of US$18 billion, with China for the first time in decades – a drop mainly attributed to slow chip exports and Chinese products gaining a competitive edge.