Yoon also held a summit with Japanese Prime Minister Fumio Kishida, during which he urged careful management of the dispute surrounding the popular messaging app Line to prevent it from becoming “an unnecessary pending issue” between the two countries.

The bilateral meetings came a day before the three leaders sit down for their first trilateral summit in four years and five months.

The trilateral summit has been widely accepted as a test bed for gauging if the Northeast Asian neighbors can normalize and restore their cooperative framework. As a prelude to the summit, the leaders engaged in bilateral meetings to narrow their differences in key areas of interest.

President Yoon Suk Yeol speaks during a meeting with Chinese Premier Li Qiang, second from right, during their meeting at the former’s office in central Seoul’s Yongsan District, Sunday. Joint Press Corps

According to South Korean First Deputy Director of National Security Kim Tae-hyo, Yoon and Li agreed to set up a Korea-China security and diplomatic dialogue, with the first session planned for next month.

As a two-plus-two discussion body, the dialogue will involve Seoul’s vice foreign minister, a director-level official from the defense ministry and their Chinese counterparts.

“President Yoon stressed that the two countries should maintain close communications under all circumstances, which will enable them to respect each other, pursue common interests and shape regional peace and prosperity,” Kim said, adding the leaders agreed to resume a string of bilateral dialogues involving both governments and private sectors.

During his opening remarks, Yoon said “South Korea and China should cooperate closely for not only our bilateral relations, but also for the peace and prosperity of the global community” and he hopes “the two countries will continue strengthening their exchanges and cooperation, respecting each other and pursuing mutual interests.”

This was Li’s first visit to Korea after he became premier in March last year. The previous meeting between Yoon and Li was in September last year on the sidelines of the Association of Southeast Asian Nations summit in Jakarta, Indonesia.

The meeting bears significance as the two countries have been working to improve their bilateral relations, which have been facing difficulties in the wake of the escalating rivalry between the United States and China, South Korea’s growing inclination toward the U.S. and North Korea’s increasing belligerence.

Regarding North Korea, Yoon stressed that China should play its role in containing the regime’s growing missile and nuclear threats.

“Yoon asked China, as a permanent member of the United Nations Security Council, to play its role as the bastion of peace, amid the North’s repeated provocations and military cooperation with Russia,” a senior presidential official said.

First Deputy Director of National Security Kim Tae-hyo speaks during a press briefing on President Yoon Suk Yeol’s bilateral meetings with the leaders of China and Japan at the presidential office in Seoul, Sunday. Yonhap

On the economic front, Yoon and Li agreed to promote bilateral trade and economic partnerships, by resuming the second phase of their free trade agreement (FTA) negotiations.

The South Korea-China FTA will mark its 10th anniversary next year, but its effectiveness has been questioned due to the relatively narrow range of products subjected to tariff benefits compared to South Korea’s other free trade pacts.

To this end, the two sides’ representatives will meet early next month to resuscitate the stalled negotiations. The second phase will cover a broader range of exchanges between the two countries in the fields of culture, tourism and legal services.

To further promote exchanges, the two sides also agreed to resume the South Korea-China Investment Cooperation Committee, which has been inactive since 2011.

“During the past three decades of diplomatic relations between the two countries, the bilateral relations promptly achieved abundant progress, especially in the fields of economy and trade, bringing huge benefits to the people of both countries,” Li said during his opening remarks. “China wishes to work together with South Korea so that the two countries can become reliable and good neighbors and partners who support each other’s success.”

President Yoon Suk Yeol shakes hands with Japanese Prime Minister Fumio Kishida before their summit at the former’s office in Yongsan District, Seoul, Sunday. Yonhap

Hours later, Yoon sat down with Kishida and exchanged cordial remarks over their efforts to mend the two countries’ soured relations last year. They also explored ideas on enhancing bilateral partnerships in practical areas before the two countries celebrate the 60th anniversary of normalizing their diplomatic ties next year.

It was the first Yoon-Kishida summit this year, after they had seven summits last year alone as part of the two countries’ efforts to normalize their diplomatic relations.

During the summit, the leaders also exchanged their opinions on the controversy surrounding the Japanese administrative guidance issued to LY Corp., the operator of the popular messaging app Line, which is controlled by a 50-50 joint venture between South Korea’s Naver and Japan’s SoftBank.

The guidance, issued in March and again in April, urged LY Corp. to review its capital relationship with Naver following a massive data leak of user information last November, triggering controversies and criticisms in South Korea that the Japanese government is seeking to take Line away from Naver.

“Yoon said that he understands the guidance does not mean that Naver should sell down its stake, and the South Korean government perceives this issue separately from the diplomatic relations between the two countries,” the senior official said.

“The president thus said that the two countries should manage this issue carefully to prevent it from becoming an unnecessary pending issue.”

Kishida replied that the guidance is understood in line with the Japanese government’s stance to promote foreign companies’ investments into Japan, and it is aimed at guiding the company to review its “security governance related to the data leak,” according to the official.

During the summit, the leaders also agreed to establish a bilateral dialogue on the hydrogen economy within next month, to capitalize on the two countries’ respective expertise in hydrogen energy. The dialogue will explore bilateral cooperation for setting up hydrogen energy standards and policies.

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During their meeting on Sunday, Li told Musk that he hoped the United States would engage with China on “win-win” cooperation, citing Tesla’s operations in China as a successful example of working together, Chinese state media reported.

“China’s very large-scale market will always be open to foreign-funded firms,” Li was quoted as saying.

“China will stick to its word and will continue working hard to expand market access and strengthen service guarantees.”

Musk said in a post on X that he was “honoured” to meet the No 2 official.

“We have known each other now for many years, since early Shanghai days,” Musk said.

Musk’s visit was not announced in advance and it is unclear whether his itinerary might include a visit to the Beijing auto show, where Chinese carmakers are showing off electric vehicles that compete directly with Tesla’s models.

The billionaire entrepreneur’s trip comes just over a week after he cancelled a scheduled visit to India to meet Prime Minister Narendra Modi due to “very heavy Tesla obligations”.

Tesla operates its biggest manufacturing plant outside the US in Shanghai, where about half of its vehicles are produced.

The electric car maker has been struggling with sluggish sales, in part due to fierce competition from Chinese brands.

Tesla’s vehicle deliveries fell by 8.5 percent in the first quarter, contributing to a 40 percent slide in its stock price since July.

The company last week reported profits of $1.1bn in the first quarter, down from $2.51bn a year ago.

Musk earlier this month told staff in a memo that the company would lay off more than 10 percent of its global workforce so that it would be “lean, innovative and hungry for the next growth phase cycle”.

Chinese auto giant BYD dethroned Tesla as the world’s biggest electric vehicle maker in the last three months of 2023, although the Austin, Texas-based company reclaimed the title in the first quarter of this year.

Musk has made multiple trips to China in recent years, wrapping up his most recent visit in June last year.

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