China and South Korea to boost cultural ties and exchange

[cirr]

New embassy building in the most sought-after area in Seoul。

 

[Edison Chen]

@dlclong

RMB in full vogue in South Korea - Xinhua | English.news.cn

RMB in full vogue in South Korea

SEOUL, July 1 (Xinhua) -- Chinese tourists no long need to bring a large amount of U.S. dollars when travelling in South Korea, as they can choose to use China UnionPay, or even RMB in cash in some stores.

"The store I just passed by offers five percent discount for China UnionPay users. Some stores in Seoul even accept China's RMB in cash," a Chinese tourists surnamed Xiao told Xinhua.

For Chinese tourists, it is more convenient for them to use China UnionPay and cash, or they have to spend much more time on finding currency exchange booths and deciding on a favorable price.

"I find China's RMB is highly recognized in Seoul," Xiao said.

China is the first source of tourists for South Korea. The number of Chinese tourists visiting South Korea reached one million in 2008, compared with around 710,000 in 2005. From January to May this year, the number exceeded two million.

A shop owner at Seoul's Myeong-dong commercial district told Xinhua that he noticed the increasing number of Chinese tourists and it was impossible not to accept China UnionPay.

China UnionPay entered South Korea in 2005, and nearly all South Korean stores accept it, said Sheng Jinchun, China UnionPay's representative to South Korea.

Tourists users can book hotel, shopping and sightseeing with China UnionPay cards, and they can also withdraw cash from more than half of the ATMs in South Korea. During the 2014 Incheon Asian Games, they can even pay for taxis with the cards, Sheng said.

Chinese tourists can also easily find exchange booths in Myeong-dong and other commercial districts. Some shopping malls even accept China's RMB in cash.

South Korean banks have also witnessed a large amount of RMB deposits since the second half of last year, with the total volume reaching 11.3 billion U.S. dollars at the end of May.

South Korea expressed its intent in April to build up RMB offshore trading markets. With the increasing internationalization of the Chinese currency and the deepening of bilateral financial cooperation, the RMB fervor in South Korea will continue.

[Thank you to Unnamed Sweeper Monk at CDF for the post]

This is true. RMB is the second mostly used currency in Korea

 

[TaiShang]

Seoul exemplar of good neighbor relations

Chinese President Xi Jinping kicks off his two-day visit to South Korea today. It is the only country included in Xi's schedule, and this visit comes before possible meetings between Chinese and North Korean leaders. Besides showcasing the close relationship between Beijing and Seoul, it also generated some speculations about why China prioritizes the South above the North.

In the eyes of China, South Korea has many identities. It is a typical neighboring country of China. It ranks high in trade with China. It is also a US ally. Meanwhile, it serves as an example of transforming from a developing country to a developed one. With the cooling down of Sino-Japanese relations, South Korea has become the biggest exporter of East Asian pop culture to China.

Both the Chinese government and the public attach high importance to South Korea. For the government and strategists, South Korea is one of the countries that best handles its relations with both the US and China. Although Seoul and Tokyo are both Washington allies, the US-Japan alliance is obviously aimed at China and Japan has been actively highlighting this. But South Korea is willing to act as a buffer between China and the US rather than avail itself of opportunities to deepen their frictions.

From strategic point of view, South Korea is a vital pillar of China's periphery policies. China also matters to the future of South Korea.

The Chinese and South Korean public have shown interest in each other, while mutual exchanges have experienced ups and downs. The two sides trade and communicate, while often mocking each other to maintain their pride.

Sino-South Korean relationship has been stable, but frictions between public opinions may also pop up. For example, the South Korean public has denounced China on issues such as North Korean defectors, while Chinese netizens mocked the opinions of their counterparts such as "Confucius was a South Korean."

The already tight bilateral relations have to experience tough tests in this globalized era. There are many countries which have kept a watchful eye on the relationship that they believe matters their interests.

It is possible that bilateral relations may undergo some turbulence, as the past few years have witnessed some misunderstandings that contributed to uncertainties in this relationship.

Currently, the situation in Northeast Asia is intricate and complex, while Beijing-Seoul ties have been particularly thriving. They could have easily picked up a fight, but both ultimately remained restrained. This will be an inspiring lesson for China to deal with its relations with its neighbors.

China's own attractiveness has been affected by outside factors, which may shake our confidence. The US pivot to Asia strategy has been in full swing in East Asia, making China impossible to have a single-minded approach in dealing with its neighbors. There is no shortcut in China's diplomacy. We need to be sober in facing the challenges in the Northeast, the East China Sea and the South China Sea.

 

[kalu_miah]

Seoul exemplar of good neighbor relations

Chinese President Xi Jinping kicks off his two-day visit to South Korea today. It is the only country included in Xi's schedule, and this visit comes before possible meetings between Chinese and North Korean leaders. Besides showcasing the close relationship between Beijing and Seoul, it also generated some speculations about why China prioritizes the South above the North.

In the eyes of China, South Korea has many identities. It is a typical neighboring country of China. It ranks high in trade with China. It is also a US ally. Meanwhile, it serves as an example of transforming from a developing country to a developed one. With the cooling down of Sino-Japanese relations, South Korea has become the biggest exporter of East Asian pop culture to China.

Both the Chinese government and the public attach high importance to South Korea. For the government and strategists, South Korea is one of the countries that best handles its relations with both the US and China. Although Seoul and Tokyo are both Washington allies, the US-Japan alliance is obviously aimed at China and Japan has been actively highlighting this. But South Korea is willing to act as a buffer between China and the US rather than avail itself of opportunities to deepen their frictions.

From strategic point of view, South Korea is a vital pillar of China's periphery policies. China also matters to the future of South Korea.

The Chinese and South Korean public have shown interest in each other, while mutual exchanges have experienced ups and downs. The two sides trade and communicate, while often mocking each other to maintain their pride.

Sino-South Korean relationship has been stable, but frictions between public opinions may also pop up. For example, the South Korean public has denounced China on issues such as North Korean defectors, while Chinese netizens mocked the opinions of their counterparts such as "Confucius was a South Korean."

The already tight bilateral relations have to experience tough tests in this globalized era. There are many countries which have kept a watchful eye on the relationship that they believe matters their interests.

It is possible that bilateral relations may undergo some turbulence, as the past few years have witnessed some misunderstandings that contributed to uncertainties in this relationship.

Currently, the situation in Northeast Asia is intricate and complex, while Beijing-Seoul ties have been particularly thriving. They could have easily picked up a fight, but both ultimately remained restrained. This will be an inspiring lesson for China to deal with its relations with its neighbors.

China's own attractiveness has been affected by outside factors, which may shake our confidence. The US pivot to Asia strategy has been in full swing in East Asia, making China impossible to have a single-minded approach in dealing with its neighbors. There is no shortcut in China's diplomacy. We need to be sober in facing the challenges in the Northeast, the East China Sea and the South China Sea.

Since the days of Unified Silla (668 AD), Korean peninsula has a long history of relationship with China. So this long historical relationship will only get better with time, specially if China can help with the process of unification per Sun Shine policy.

There are few irritants, some Koreans I heard complain about pollution in the sea that is between China and Korean peninsula. Also, Chinese fishermen straying into Korean EEZ is another concern I heard.

 

[cirr]

 

[TaiShang]

Eager to see the economic and cultural deals to be made.

 

[Edison Chen]

 

[TaiShang]

President looks very humble.

 

[cirr]

 

[cirr]

 

[Edison Chen]

^ Gorgeous lady.

 

[Obambam]