The Chinese Ministry of Commerce stated that China and South Korea have agreed to enhance their discussions on the chip industry. Wang Wentao had a meeting with the South Korean Trade Minister Ahn Duk-geun, with the goal of deepening cooperation in investments and strengthening trade ties. 

Wang expressed that China would like to cooperate with South Korea. Chips, however, were not mentioned in a South Korean statement at the same meeting; instead, it stated that the country's trade minister had requested China to stabilise the supply of important raw materials and to create a predictable business environment for South Korean enterprises operating in China.

A competition over semiconductors between the United States and China has South Korea amidst it. According to figures from the commerce ministry, almost 40% of South Korea's semiconductor exports go to China, while South Korean chipmakers Samsung Electronics and SK Hynix depend on American technology and equipment.

This move comes as both nations seek to strengthen their semiconductor capabilities and reduce their reliance on foreign chip suppliers. The agreement also emphasises the need for bilateral exchanges and collaboration in promoting innovation and technological advancements in the chip sector.