President Lee Jae-myung met with the economic chiefs of the United States and China in succession on Monday, one day before the US-China summit, to discuss ways to strengthen cooperation. With the US, he discussed cooperation in advanced technology and foreign exchange markets, while with China, he addressed the need to strengthen the livelihoods of people in both countries.
President Lee received US Treasury Secretary Scott Bessent at the presidential office on Monday. "Despite the recent expansion of uncertainty, the economies of both countries are showing stability," Lee said. "We must communicate closely and further strengthen our economic cooperation to sustain this positive momentum." He particularly emphasized the need for cooperation in economy and technology, supply chains including critical minerals, and foreign exchange markets, adding, "Please work to ensure that Korea-US strategic investment leads to comprehensive strengthening of cooperation, creating mutual benefits for both countries."
In the process, President Lee is reported to have proposed the introduction of a Korea-US currency swap to Secretary Bessent. The proposal is seen as taking into account the need to secure dollars for investment once the Special Act on Investment in the US takes effect next month and the Korea-US Strategic Investment Corporation launches.
Secretary Bessent expressed agreement on the need for close cooperation between the two countries, Senior Presidential Spokesperson Kang Yu-jung said. Bessent also noted, "Despite difficult circumstances including the Middle East war, Korea is showing remarkable performance in growth rates and stock prices compared to other countries under President Lee's leadership."
Prior to meeting Secretary Bessent, President Lee met with Chinese Vice Premier He Lifeng. Lee highlighted that the full restoration of Korea-China relations through reciprocal state visits by the two countries' leaders this year, following last year, is an achievement of "pragmatic diplomacy." He then urged, "I ask Vice Premier He to play an active role in continuing close communication to produce tangible results in various fields including economy, industry, trade, and culture."
In response, Vice Premier He said, "Despite global uncertainty, I am pleased that the development of bilateral relations is continuing a favorable trend, with trade between the two countries increasing in the first half of this year following last year, thanks to the strategic leadership of the Korean and Chinese leaders." When He conveyed greetings from Chinese President Xi Jinping, President Lee asked him to convey his regards in return, Spokesperson Kang said.
