May 14, 2026
SEOUL – President Lee Jae Myung held rare back-to-back meetings with top US and Chinese economic officials in Seoul, as preparatory talks were being held ahead of a high-stakes US-China summit.
Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent consecutively paid courtesy calls on Lee on Wednesday morning at Cheong Wa Dae.
The United States and China chose South Korea as the third-country venue for last-minute talks between Bessent and He, before the summit between US President Donald Trump and Chinese President Xi Jinping in Beijing to be held Thursday and Friday.
The forthcoming Trump-Xi summit follows their first meeting of Trump’s second term, held on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea in October 2025.
Cheong Wa Dae views the holding of these preliminary talks as carrying “important significance, in that both the US and China expressed trust in and support for the Korean government’s pragmatic diplomacy,” The Korea Herald learned from government sources.
Lee’s meeting with Bessent came as Seoul and Washington moved to follow up on a joint fact sheet announced in mid-November, covering trade and security agreements that include South Korea’s $350 billion investment plan in the US.
Lee asked Bessent to make efforts so that the Korea-US strategic investment “can lead to a comprehensive strengthening of cooperation in the economic and strategic sectors and serve as an opportunity that benefits both countries,” senior presidential spokesperson Kang Yu-jung said during a press briefing.
The first project under South Korea’s US investment initiative is expected to be announced once the Korea-US Strategic Investment Corp. is launched, following the June 18 enactment of the Special Act on US Investment.
Lee also told Bessent that “the two countries should communicate closely and further strengthen economic cooperation so that the positive momentum can continue,” according to Kang.
Kang said Lee emphasized that “the cooperative relationship between the two countries should be further developed in the economic and technology sectors as well,” particularly stressing “the need for cooperation in supply chains such as critical minerals and cooperation in the foreign exchange market.”
In response, Bessent “expressed agreement with President Lee’s views on Korea-US cooperation and replied that the two countries need to continue working closely together going forward,” Kang added.
Lee held separate talks with He before meeting Bessent, marking the first visit to South Korea by a senior Chinese official since Lee’s state visit to China in January for a summit.
Kang said Lee assessed that “the development of stable relations between the US and China would be of great help to the development and prosperity of countries around the world,” including South Korea. Lee pledged that Seoul would do its “utmost to support today’s negotiations so that they proceed smoothly,” Kang added.
Lee also said that “the mutual state visits by the leaders of the two countries last year and this year, which fully restored Korea-China relations, marked an important achievement of our pragmatic diplomacy centered on national interests,” according to Kang.
Lee further called for “expanding cooperation in ways that contribute to the livelihoods of the people of both countries in step with the changing times.” Lee stressed that “the two sides should continue close communication to produce concrete and substantive outcomes” in sectors including the economy, industry, trade and culture, Kang said.
After He conveyed Xi’s “warm regards” to Lee, Lee asked He to pass along his “special regards” to Xi, according to Kang.
The Trump-Xi summit is to take place during Trump’s state visit to China from Wednesday to Friday, marking the US president’s first trip to the country since 2017.
The visit comes after a six-week delay from the originally planned schedule and at a delicate moment, with the US-Israel war against Iran grinding on and Washington and Tehran struggling to negotiate a peace agreement. Trump on Sunday dismissed Iran’s response to US proposals to end the war as “totally unacceptable.”
The Iran war has emerged as a key variable for the meeting between the world’s two largest economies. Washington is hoping Beijing will use its influence over Tehran to help stabilize the Strait of Hormuz and support peace negotiations. However, China has remained cautious, given its ties with Iran and broader energy security interests.
Key agenda items for the Trump-Xi summit are expected to include trade, tariffs, semiconductors, export controls, Chinese investment and the rare earth supply chain, as well as Taiwan-related issues.