By UN Journal Lee Jon-young

President Lee Jae-myung held his first summit on Nov. 1 with Chinese President Xi Jinping, who was visiting South Korea as a state guest for the first time in 11 years.

The summit focused on establishing a direction for the development of South Korea-China relations that would contribute substantially to the livelihoods of the people of both countries, based on the shared understanding between the two leaders that "people's livelihoods are paramount."

The South Korea-China summit featured in-depth discussions on a variety of pending issues, including ways to strengthen substantive cooperation between South Korea and China in the livelihood sector.

Immediately following the summit, a ceremony was held to exchange currency swap agreements signed between the two countries' central banks and six memorandums of understanding (MOUs) signed between the two government ministries to concretize the substantive cooperation initiatives discussed by the two leaders.

Afterwards, the two leaders held a friendly meeting at a separate location, and a state banquet was held for approximately 70 minutes, beginning at 6:15 PM, attended by approximately 100 guests from both Korea and China.

In a friendly atmosphere, the two leaders shared their experiences growing as national leaders by working closely with the people from the local level. They also discussed their shared hobby, "Baduk (go)," confirming their closeness and bond.

While the development of Korea-China relations has undoubtedly experienced ups and downs, they confirmed that the shared historical experience of overcoming the difficulties of the period of sovereignty loss and the nature of the mutually beneficial cooperation that has driven economic growth for both countries remain unchanged, despite changes in internal and external environments.

Building on these important assets of the Korea-China relationship, the two leaders agreed to pursue the mature development of the Korea-China strategic cooperative partnership, keeping pace with the changing times.

To solidify the foundation for the development of Korea-China relations, they agreed to secure political trust between the two governments and simultaneously build friendly trust at the private level.

In particular, they agreed to strengthen strategic communication on pending issues in Korea-China relations, regional and global issues, by establishing regular high-level communication channels between Korea and China. They also agreed to enhance mutual understanding and foster friendship between the two peoples through exchanges and cooperation in various fields.

They agreed to pursue mutually beneficial cooperation based on "horizontal cooperation" that reflects the changing structure of Korea-China economic cooperation, thereby producing tangible results in areas that benefit the people's livelihoods.

The two leaders welcomed the extension of the Korea-China currency swap agreement, which has been in place since 2009, and agreed to accelerate discussions on substantive progress in the Korea-China FTA services and investment negotiations, diversify consultation channels to revitalize local economies, and strengthen cooperation to stabilize supply chains.

Furthermore, they agreed to further develop cooperation in the cultural and environmental sectors to enhance the quality of life for both peoples, while continuing efforts to facilitate mutual visits and promote people-to-people exchanges.

Furthermore, given the recent devastation of transnational scams and crime rings affecting both Korean and Chinese citizens, the two countries agreed to strengthen their cooperation in response, aligning their shared interests with the "stability of the people's livelihoods."

They agreed to strive to ensure that the development of Korea-China relations contributes substantially to both "people's livelihoods" and "peace."

President Lee outlined the South Korean government's vision for denuclearization and peace and urged China to play a constructive role in resuming dialogue with North Korea. President Xi responded by promising to continue his efforts to resolve the Korean Peninsula issue and achieve peace and stability on the peninsula.