• South Korean President Lee Jae Myung and Chinese President Xi Jinping held their first one-on-one meeting.
• The leaders discussed enhancing bilateral ties and engaging North Korea in denuclearization talks.
• Economic cooperation was emphasized amidst US-China trade tensions at the APEC summit.
• North Korea dismissed denuclearization discussions, labeling them a "pipe dream."
• Both leaders signed agreements to combat online scams and renew a currency swap deal.

South Korean President Lee Jae Myung hosted Chinese President Xi Jinping on Saturday during a significant meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju. This marks Xi's first visit to South Korea in over a decade. The discussions primarily aimed at advancing bilateral cooperation and addressing the challenges posed by North Korea's nuclear ambitions, with both leaders advocating for a collaborative approach to re-engage Pyongyang in dialogue, according to Reuters and Channel News Asia.

During their meeting, Lee pressed Xi for greater Chinese efforts to facilitate talks with North Korea, emphasizing the need for a phased approach towards denuclearization, which aligns with South Korea's strategy. "Conditions for engagement with North Korea are being formed," Lee remarked, signaling optimism for renewed diplomatic initiatives, according to Los Angeles Times and South China Morning Post.

Xi, on his part, acknowledged the importance of cooperation in addressing shared challenges and reiterated China's commitment to peace and stability on the Korean peninsula. The discussions came after substantial economic cooperation pledges were announced at the summit against the backdrop of rising international trade tensions, particularly following a recent truce between Washington and Beijing, according to India Times and Reuters.

Despite positive diplomatic exchanges, North Korea's response was dismissive, with Pyongyang's officials branding Seoul's denuclearization efforts as a "pipedream" that cannot be achieved. This reaction underscores the ongoing tensions and complexities surrounding U.S.-North Korea relations, which Lee hopes to navigate with China's assistance, reported Los Angeles Times and South China Morning Post.

Lee also highlighted the need for a stable Chinese role in re-establishing communication with the North, leveraging China’s connections, and promoting peace as essential for the stability of the Asia-Pacific region. As a demonstration of their commitment, both countries signed multiple agreements aimed at enhancing economic ties and addressing cultural exchanges previously strained due to geopolitical tensions, according to Reuters and India Times.