Seoul, Nov 1 (NationPress) President Lee Jae Myung established a constructive atmosphere in South Korea's ties with China during his inaugural discussion with Chinese President Xi Jinping. The two leaders concurred on the necessity of collaborating to foster peace on the Korean Peninsula and enhance pragmatic cooperation.

Their dialogue occurred at the Asia-Pacific Economic Cooperation summit in Gyeongju, coinciding with Xi's three-day state visit to South Korea, marking his first trip in over a decade.

This summit attracted significant attention as Seoul aims to strike a delicate balance by improving relations with China, its principal trading partner and a long-standing ally of North Korea, while maintaining strong ties with the United States amidst a growing geopolitical rivalry.

During the discussions, which followed Xi's meeting with North Korean leader Kim Jong-un in Beijing nearly two months prior, Lee aimed to utilize China's influence as North Korea's chief ally.

Lee presented his administration's plans for the denuclearization of the Korean Peninsula and requested Xi's constructive involvement in resuming dialogue with North Korea. Xi responded by affirming that China would persist in its efforts to foster peace and stability on the peninsula, as reported by National Security Adviser Wi Sung-lac.

"Both President Xi and I have agreed to advance together resolutely on the journey toward peace," Lee stated during a state dinner following the summit. "As our administration strives to usher in a new era of peaceful coexistence and mutual development, I anticipate that China will play a pivotal role in this endeavor."

Xi assured Lee of China's commitment to intensifying communication with South Korea and collaboratively facing challenges, vowing to "contribute greater energy to peace and development in the region."

He emphasized China's appreciation for its relationship with South Korea and promised to uphold consistent and stable policies, indicating Beijing's readiness to enhance dialogue with Seoul.

In addition to security matters, both leaders explored avenues to expand practical cooperation across various sectors.

On the summit's sidelines, the two nations' governments inked seven memorandums of understanding (MOUs) aimed at broadening collaboration in vital areas.

The central banks of both countries finalized an agreement to extend their currency swap deal worth 70 trillion won (US$48.9 billion) for an additional five years.

Furthermore, an MOU was signed to bolster exchanges and trade services, facilitating progress in upgrading their free trade agreement.

Another agreement established a framework for cooperation between the law enforcement agencies of both nations to combat voice phishing and online scams.

The discussions also touched on sensitive topics, including China's recent sanctions on U.S. subsidiaries of Korean shipbuilder Hanwha Ocean, which Beijing alleged collaborated with a U.S. investigation into its maritime and shipbuilding sectors.

Other disputes, such as China's deployment of steel structures in overlapping regions of the Yellow Sea and restrictions on Korean cultural imports, were also addressed, according to Wi, who refrained from providing further details.

The National Security Advisor assessed that the summit signified the "full restoration" of Seoul-Beijing relations, achieved through the Lee administration's "pragmatic" diplomacy focused on national interests.