{"id":2206214,"date":"2024-08-21T08:00:29","date_gmt":"2024-08-20T23:00:29","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206214"},"modified":"2024-08-20T15:38:17","modified_gmt":"2024-08-20T06:38:17","slug":"rok-shandong-meeting-signals-seouls-intent-to-improve-ties-with-china","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/08\/rok-shandong-meeting-signals-seouls-intent-to-improve-ties-with-china\/","title":{"rendered":"ROK-Shandong meeting signals Seoul\u2019s intent to improve ties with China"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and China\u2019s Shandong Province held the <\/span><a href=\"https:\/\/www.motie.go.kr\/kor\/article\/ATCL3f49a5a8c\/169406\/view#\"><span style=\"font-weight: 400;\">Seventh ROK-Shandong Economic and Trade Cooperation Exchange Meeting<\/span><\/a><span style=\"font-weight: 400;\"> in Jinan City, China. The meeting, which will take place from Tuesday to Wednesday, marks the event\u2019s return to an in-person format after a five-year hiatus. Co-hosted by South Korea\u2019s trade ministry and the Shandong Provincial People\u2019s Government, the meeting aims to enhance economic cooperation between the two regions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the event, South Korean trade negotiator Jeong In-kyo and Shandong Governor Zhou Naixiang discussed cooperation on supply chains, support for investing companies and collaboration in new industry sectors. Jeong also visited the Korea-China Industrial Cooperation Park in Yantai City, becoming the first high-ranking ROK government official to do so.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The ROK-Shandong meeting spotlights South Korea\u2019s efforts to balance its economic ties with China and its security alliance with the U.S. Despite growing trade tensions between Seoul and Beijing, fueled by U.S. trade policies like the CHIPS Act\u2019s \u201c<\/span><a href=\"https:\/\/www.commerce.gov\/news\/press-releases\/2023\/09\/biden-harris-administration-announces-final-national-security\"><span style=\"font-weight: 400;\">guardrails<\/span><\/a><span style=\"font-weight: 400;\">,\u201d South Korea remains committed to engaging China. The U.S. restricts businesses from expanding their semiconductor manufacturing capacity in designated \u201cforeign countries of concern\u201d for 10 years from the date they receive U.S. CHIPS Act subsidies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The outcomes of the ROK-Shandong meeting, including 20 memorandums of understanding and China\u2019s decision on Monday to <\/span><a href=\"https:\/\/english.news.cn\/20240819\/db0bd05ef7ef4b229deb4d6bd5fd443b\/c.html\"><span style=\"font-weight: 400;\">relax foreign investment restrictions<\/span><\/a><span style=\"font-weight: 400;\">, signal a mutual desire to maintain strong economic links. Moreover, the resumption of bilateral exchanges, such as South Korea\u2019s <\/span><a href=\"https:\/\/www.mofa.go.kr\/www\/brd\/m_4080\/view.do?seq=375300\"><span style=\"font-weight: 400;\">youth delegation visit<\/span><\/a><span style=\"font-weight: 400;\"> this week and reaffirming an open, rules-based trading system during the <\/span><a href=\"https:\/\/koreapro.org\/2024\/05\/trilateral-summit-outcomes-shape-future-of-trade-and-economic-cooperation\/\"><span style=\"font-weight: 400;\">ROK-Japan-China trilateral meeting<\/span><\/a><span style=\"font-weight: 400;\"> in May, demonstrate Seoul\u2019s intent to improve ties with Beijing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This move also reflects South Korea\u2019s efforts to further isolate North Korea, especially in light of the <\/span><a href=\"https:\/\/www.joongang.co.kr\/article\/25267342#home\"><span style=\"font-weight: 400;\">reported tensions<\/span><\/a><span style=\"font-weight: 400;\"> between Pyongyang and Beijing. North Korea and Russia signed a <\/span><a href=\"https:\/\/koreapro.org\/2024\/06\/south-koreas-security-at-risk-as-russia-and-north-korea-strengthen-partnership\/\"><span style=\"font-weight: 400;\">comprehensive strategic partnership treaty<\/span><\/a><span style=\"font-weight: 400;\"> in June. While South Korea\u2019s business community will likely welcome the ROK-Shandong meeting, it remains to be seen if it will lead to tangible foreign policy benefits for Seoul.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea and China\u2019s Shandong Province held the Seventh ROK-Shandong Economic and Trade Cooperation Exchange Meeting in Jinan City, China. The meeting, which will take place from Tuesday to Wednesday, marks the event\u2019s return to an in-person format after a five-year hiatus. Co-hosted by South Korea\u2019s trade ministry and the Shandong Provincial People\u2019s Government, the [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2206214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ROK-Shandong meeting signals Seoul\u2019s intent to improve ties with China - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/08\/rok-shandong-meeting-signals-seouls-intent-to-improve-ties-with-china\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ROK-Shandong meeting signals Seoul\u2019s intent to improve ties with China - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and China\u2019s Shandong Province held the Seventh ROK-Shandong Economic and Trade Cooperation Exchange Meeting in Jinan City, China. 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