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S. Korea to Continue to Seek Close Economic Ties With China: Finance Minister

SEOUL, Oct. 19 (Yonhap) — South Korea’s top economic policymaker said Thursday that the country will continue mutually beneficial economic cooperation with China, refuting criticism of the Yoon Suk Yeol government’s alleged overlooking of its key partner amid the Sino-U.S. rivalry.

Finance Minister Choo Kyung-ho made the remarks during a parliamentary audit of his ministry, as Rep. Jung Tae-ho of the main opposition Democratic Party pointed to lingering concerns that the Yoon administration “appears to have given up on the Chinese market” while seeking closer ties with the United States and Japan.

“Let me be clear once again that we don’t seek any ‘desinicization’ stance. China is a very crucial country for our economy, and the two countries will continue cooperation in a mutually beneficial way,” Choo said.

In June 2022, Choi Sang-mok, senior presidential secretary for economic affairs, said that the era of an export boom with China that South Korea has been enjoying over the past 20 years “has drawn to an end,” and South Korea needs to find alternative markets.

China is South Korea’s No. 1 trading partner, with South Korea’s exports to the neighboring country coming to US$11 billion in September, government data showed.

Source : YonhapNewsAgency