News / Economy

China, South Korea Expand Economic Ties

Chinese President Xi Jinping, right, and South Korean President Park Geun-hye, left, greet children at the Presidential Blue House in Seoul, South Korea, July 3, 2014.
Chinese President Xi Jinping, right, and South Korean President Park Geun-hye, left, greet children at the Presidential Blue House in Seoul, South Korea, July 3, 2014.
VOA News

China and South Korea agreed to expand economic ties and reaffirmed their commitment to a denuclearized Korean peninsula, as Chinese President Xi Jinping began a state visit to Seoul.

At a joint news briefing with Xi, South Korean President Park Geun-hye said Seoul and Beijing will work to complete a long-negotiated free trade agreement by the end of this year.

Seoul's finance ministry also said the two sides agreed to introduce direct trading between the South Korean won and the Chinese yuan, a measure that will expand the use of China's currency.

The decision means the yuan joins the dollar as the only currency directly convertible with the won.

Park also said she agreed with Xi that the Korean peninsula should be denuclearized and that the two leaders "resolutely" oppose further nuclear tests by North Korea.

"Above all, in the current situation, where North Korea once again launched its missile and maintained its stance of carrying out simultaneous development of its nuclear capability and economy, President Xi's visit to South Korea will be a clear message for North Korea's denuclearization, and peace and stability in the Korean Peninsula," Park said.

Xi's visit is expected to be dominated by concerns over North Korea's nuclear and ballistic missile programs. The trip is seen by many as a snub to North Korea, Beijing's historical ally.

In the past week, the North has fired several short-range rockets off its east coast, in what some view as a sign Pyongyang is unhappy with Xi's visit.

His trip marks the first time a Chinese president has visited South Korea before North Korea and the fifth time Park and Xi have met since they took office.

Xi has not yet met North Korean leader Kim Jong Un, who took power in 2011.

Kang Jun-young, a professor at Seoul's Hankuk University of Foreign Studies, told VOA the trip is also an opportunity for China to bring South Korea closer into its sphere of influence and thereby alienate Japan.

If China is to resist the United States’ rebalancing policy in Asia, he said, it must “curb Japan – if China can work with South Korea, which is a victim of Japan’s imperialism. 

“Of course, South Korea must keep amicable relations with China,” Kang added, “but we also cannot go too much to China’s side because … of an alliance among South Korea, the United States and Japan."

Before the trip, China's Communist Party-run Global Times hailed South Korea as an "exemplar of good neighbor relations." The editorial said ties have been "particularly thriving" amid what it called an "intricate and complex" situation in Northeast Asia.

South Korea, along with its allies in Washington, have been pushing China to apply more pressure on North Korea to abandon its pursuit of nuclear weapons.

In recent years, Beijing has gone along with expanded U.N. sanctions against the North. But it has been reluctant to publicly make any statements that would upset Pyongyang, instead calling for the whole Korean peninsula to be denuclearized.

VOA Seoul bureau producer Youmi Kim contributed to this report.

Xi Jinping visits Seoul

  • China's President Xi Jinping and his South Korean counterpart Park Geun-hye attend a signing ceremony after a summit meeting at the Blue House in Seoul, July 3, 2014.
  • Chinese President Xi Jinping listens as his South Korean counterpart Park Geun-hye speaks during their joint news conference at the presidential house in Seoul, July 3, 2014.
  • Chinese President Xi Jinping and South Korean President Park Geun-hye greet children waving the two countries' national flags during a welcoming ceremony at the presidential Blue House in Seoul, July 3, 2014.
  • Conservative activists shout during a rally welcoming Chinese President Xi Jinping's visit to South Korea, near the Chinese Embassy in Seoul, South Korea, July 2, 2014.
  • North Korean defectors and South Korean Christians protest near the Chinese Embassy in Seoul ahead of Chinese President Xi Jinping's visit to the city, June 2, 2014.

 

You May Like

Obama: Alaskans Feel Signs of Climate Change

They're seeing bigger storm surges as sea ice melts, more wildfires, erosion of glaciers, shorelines More

Katrina Brought Enduring Changes to New Orleans

The city’s recovery is the result of the people and culture the city is famous for, as well as newcomers and start-up industries More

Magical Photo Slides Show Native Americans in Late 1800s

Walter McClintock spent 20 years photographing the Blackfoot Indians and their vanishing culture at the dawn of the modern age More

This forum has been closed.
Comment Sorting
Comments
     
by: youngthing from: nowhere
July 03, 2014 11:27 PM
At 8 am on July 3rd, a Vietnamese fishing boat named QNg 94912 TS with six fishermen was captured by Chinese navy. This incident occured while QNg 94912 TS was fishing on its traditional fishing ground and in territorial water of Vietnam. At that time, QNg 44158 TS was fishing nearby, witnessed the incident and called relatives of the victims. Vietnam authorities are in verifying the info.

China will be a good friend of South Korea??? Let's look at China friend in the North. China gave North Korea nothing but poor and slavery.
In Response

by: Wing from: Hong Kong
July 05, 2014 4:07 AM
The comment from youngthing indicates that he is an ignor! North Korea depends on China so much. If the Chinese stops financial aid and food aid to them to them, they are starving.

Equally true if Vietnam does not have a financial partner like China you are also starving.


by: Sam from: California
July 03, 2014 10:34 AM
What a joke. South Koreans are the only fools trusting China right now. Another country for china to take jobs and resources from. Maybe US should get stop supporting SK if they love China so much. China will now control both north and South Korea. Just what the Chinese wanted.
In Response

by: Wing from: Hong Kong
July 05, 2014 4:29 AM
Sam,

Let's be realistic! American's strength and influence are deteriorating. You should welcome the Chinese involvement to control the North Korea and promoting peace.

by: jonathan huang from: canada
July 03, 2014 9:03 AM
good job China and Korea!
we brothers should work together even closer to build a stable and prosperous Asia.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Colombians Flee Venezuela as Border Crisis Escalatesi
X
August 27, 2015 2:08 AM
Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Colombians Flee Venezuela as Border Crisis Escalates

Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Is China's Economic Data Accurate?

Some investors say China's wild stock market gyrations have been made worse by worries about the reliability of that nation's economic data. And some critics say the reports can mislead investors by painting an unrealistically-strong picture of the economy. A key China scholar says Beijing is not fudging ((manipulating)) the numbers, but that the economy is evolving quickly from smoke-stack industries to services, and the ways of tracking new economic activity are falling behind the change. V
Video

Video Next to Iran, Climate at Forefront of Obama Agenda

President Barack Obama this week announced new initiatives aimed at making it easier for Americans to access renewable energy sources such as solar and wind. Obama is not slowing down when it comes to pushing through climate change measures, an issue he says is the greatest threat to the country’s national security. VOA correspondent Aru Pande has more from the White House.
Video

Video Shipping Containers Provide Experimental Housing

Housing prices around the San Francisco Bay area are out of reach for many people, so some young entrepreneurs, artists and tech industry workers are creating their own houses using converted shipping containers. But as VOA's Mike O’Sullivan reports from Oakland, the effort requires ingenuity and dealing with restrictive local laws.
Video

Video Arctic Draws International Competition for Oil

A new geopolitical “Great Game” is underway in earth’s northernmost region, the Arctic, where Russia has claimed a large area for resource development and President Barack Obama recently approved Shell Oil Company’s test-drilling project in an area under U.S. control. Greg Flakus reports.
Video

Video Philippine Maritime Police: Chinese Fishermen a Threat to Country’s Security

China and the Philippines both claim maritime rights in the South China Sea.  That includes the right to fish in those waters. Jason Strother reports on how the Philippines is catching Chinese nationals it says are illegal poachers. He has the story from Palawan province.
Video

Video Technique May Eliminate Drill-and-Fill Dental Care

Many people dread visiting dentists because they're afraid of drills. Now, however, a technology developed by a British firm promises to eliminate the need for mechanical cleaning of dental cavities by speeding a natural process of tooth repair. VOA’s George Putic reports.
Video

Video China's Spratly Island Building Said to Light Up the Night 'Like A City'

Southeast Asian countries claim China has illegally seized territory in the Spratly islands. It is especially a concern for a Philippine mayor who says Beijing is occupying parts of his municipality. Jason Strother reports from the capital of Palawan province, Puerto Princesa.
Video

Video Ages-old Ice Reveals Secrets of Climate Change

Ice caps don't just exist at the world's poles. There are also tropical ice caps, and the largest sits atop the Peruvian Andes - but it is melting, quickly, and may be gone within the next 20 years. George Putic reports scientists are now rushing to take samples to get at the valuable information about climate change locked in the ice.
Video

Video French Experiment in Integrating Roma Under Threat

Plans to destroy France’s oldest slum have sparked an outcry on the part of its Roma residents. As Lisa Bryant reports from the Paris suburb of La Courneuve, rights groups argue the community is a fledgling experiment on integrating Roma who are often outcasts in many parts of Europe.
Video

Video Kenyans Turn to Agriculture for Business

Each year Kenyan universities continue to churn out graduates for the job market despite the already existing high rate of unemployment among youth in the country. Some of these young men and women have realized that agriculture can be as rewarding as any other business or job, and they are resorting to agribusiness in large numbers as a way of tackling unemployment. Rael Ombuor reports for VOA.
Video

Video First Women Graduate Elite Army Ranger School

Two women are making history for the U.S. Army by proving they are among the toughest of the tough. VOA's Carla Babb reports from Fort Benning, Georgia as 94 men and those two women rise as graduates of the difficult Ranger school.

VOA Blogs

World Currencies

EUR
USD
0.8874
JPY
USD
120.83
GBP
USD
0.6497
CAD
USD
1.3271
INR
USD
66.162

Rates may not be current.