South Korea and China Sign MOU for Silver Economy Cooperation
South Korea and China have signed a Memorandum of Understanding (MOU) for 'Silver Economy Cooperation' to jointly address the challenges of aging societies. This agreement is based on the shared recognition of rapid aging trends in both countries, aiming to foster related industries and promote cooperation. The signing ceremony took place at the Gyeongju National Museum on November 1, 2025, with the attendance of South Korea's Deputy Prime Minister and Minister of Economy and Finance, Koo Yun-cheol, and the Director of China's National Development and Reform Commission, Zheng Shanjie.
The signing of this MOU is a result of discussions held during the summit between South Korean President Lee Jae-myung and Chinese President Xi Jinping. The two leaders explored avenues for cooperation in various fields, including economy, society, and culture, at the Gyeongju National Museum. They particularly emphasized the need for practical cooperation in the silver economy sector, recognizing the common challenges posed by aging societies.
One of the key achievements of the summit was the agreement to extend the existing Won-Yuan currency swap agreement. The currency swap, valued at 400 billion Yuan (approximately 70 trillion Korean Won) with a five-year term, is expected to strengthen financial cooperation between the two countries and enhance economic stability. Governor Lee Eung-yong of the Bank of Korea and Chinese Ambassador to South Korea, Xing Haiming, signed the currency swap extension agreement.
To diversify economic cooperation, the two countries additionally signed MOUs for cooperation in six areas, including service trade. This is interpreted as an effort to further solidify the economic relationship between the two countries and establish mutually beneficial cooperation. Foreign Minister Cho Hyun and Chinese Minister of Commerce Wang Wentao signed the MOU on economic cooperation.
The Economic Cooperation MOU aims to promote cooperation in various fields such as investment, industry, and energy, and to activate exchanges between companies in both countries. Minister of Trade, Industry and Energy Kim Jung-kwan and Minister of Commerce Wang Wentao signed the MOU on Trade Exchange Cooperation, establishing an institutional foundation for promoting trade between the two countries. The MOU on Trade Exchange Cooperation focuses on easing trade barriers and discovering new areas of trade cooperation.
Deputy Prime Minister and Minister of Science and ICT, Bae Kyung-hoon, and Chinese Ambassador to South Korea, Xing Haiming, signed an MOU for the joint promotion of an innovative startup partnership program. This program is expected to activate technological exchange between the two countries and strengthen cooperation for fostering startups.
An agreement was also reached to establish a joint response system to online fraud crimes, including voice phishing, which are becoming increasingly serious social problems. Acting Commissioner General of the National Police Agency Yoo Jae-seong and Chinese Ambassador to South Korea, Xing Haiming, signed an MOU on 'Cooperation in Responding to Voice Phishing and Online Fraud Crimes,' agreeing to strengthen related information sharing and investigative cooperation.
The 'Cooperation in Responding to Voice Phishing and Online Fraud Crimes' MOU is expected to contribute to crime prevention and minimizing damages through close cooperation between the police agencies of the two countries. In particular, it will focus on suppressing the activities of international criminal organizations and strengthening joint investigations to recover criminal proceeds.
It is expected that this agreement will strengthen cooperation between the two countries in the silver economy sector and enhance the ability to respond to aging societies. By expanding cooperation in various fields such as economy, society, and culture, the relationship between the two countries can be further developed. In particular, cooperation in the silver economy sector is expected to provide practical assistance to both countries facing aging societies.
The recent South Korea-China summit and the subsequent signing of MOUs are expected to serve as a stepping stone for a new leap forward in the relationship between the two countries. The two countries plan to seek concrete cooperation measures in the silver economy sector to solve the common challenge of aging societies and strengthen policy cooperation for fostering related industries.
The Silver Economy Cooperation MOU is known to include details such as the development of age-friendly products and services, information sharing, technology exchange, and investment cooperation. The two countries will jointly promote various projects to promote the health of the elderly, support leisure activities, and expand social participation. They also plan to cooperate in the development and dissemination of smart technologies for the elderly and the operation of educational programs to bridge the digital divide.
