The Republic of Korea and China signed a currency swap agreement worth KRW 70 trillion (approximately CNY 400 billion) during the first Korea-China summit between President Lee Jae-myung and Chinese President Xi Jinping on the 1st. Additionally, the two countries signed six memorandums of understanding (MOUs) to jointly respond to transnational scam crimes, including cooperation on voice phishing and online fraud crime response. The Presidential Office stated, "The two leaders agreed to promote the mature development of the Korea-China strategic cooperative partnership in line with the changes of the times."

National Security Office Director Wi Seong-rak, in a briefing on the results of the Korea-China summit, stated, "It is true that there have been ups and downs in the development of Korea-China relations so far," and confirmed that "there is no change in the mutually beneficial cooperation that has driven the historical experience of Korea-China and the economic growth of both countries."

At the Korea-China MOU and contract exchange ceremony, the central banks of the two countries signed a currency swap agreement worth KRW 70 trillion with a five-year maturity. The Presidential Office expressed expectations that "it will contribute to the stability of the financial and foreign exchange markets and the promotion of trade between the two countries." Six MOUs were also signed, including the '2026-2030 Korea-China Economic Cooperation Joint Plan' to set a long-term direction for promoting mutually beneficial cooperation between Korea and China, and 'Strengthening Service Trade Exchange and Cooperation' to support the establishment of an institutional foundation for economic cooperation through substantial progress in the Korea-China Free Trade Agreement (FTA) service and investment negotiations.

However, there was no significant progress regarding the lifting of China's ban on Korean cultural content (Hanhanryeong) during the talks. Director Wi stated, "There was a consensus to exchange cultures," but added, "There are domestic legal regulations, so it was not completely discussed," and mentioned that adjustments would be made.

Meanwhile, Kim Young-bae, a member of the National Assembly's Foreign Affairs and Unification Committee from the ruling Democratic Party of Korea, attended the Korea-China state banquet and stated, "During a brief conversation between President Lee, President Xi, and Park Jin-young, Chairman of the Korean Cultural Exchange Committee, President Xi responded to a proposal for a large-scale performance in Beijing by calling in Foreign Minister Wang Yi and giving instructions," expressing expectations that "it might be the moment when the door to full-scale K-culture entry opens beyond the lifting of the Hanhanryeong."

In response, the Cultural Exchange Committee released a press release on the 2nd, stating, "The conversation between President Xi and Chairman Park was a general exchange of greetings at an official diplomatic event," and added, "It is cautious and premature to interpret this excessively."

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