“Good day, Chairman Xi. I’m pleased to meet you like this.”
“Thank you, President Donald. I, too, hope this summit will serve as an opportunity for the complicatedly entangled China-U.S. relationship to develop further.”
The first closed-door meeting.
The leaders of both sides exchanged pleasantries with bright faces, daggers hidden behind their backs.
Today’s meeting would involve negotiations not only on trade, but also on the Ukraine-Russia war, where casualties were still piling up. Accordingly, a taut tension hung among the ministers of both sides.
“To begin with, wheat produced in the United States tastes far better than Argentine wheat. It probably has more nutrients as well. Recently, some unnecessary misunderstandings have arisen between our two countries, and I hope we can clear them up quickly.”
At Donald’s smooth talk, the ministers of both countries smiled.
Xi Jinping responded in kind.
“Yes. Having tasted it myself, I also found the American product more delicious. Therefore, we are considering resuming imports of American wheat at an early date. However, Mr. President, our manufactured goods are also inexpensive and high-performing, but the tariffs are somewhat burdensome.”
“If it’s that matter, please don’t worry. As it happens, expectations for an interest rate cut have recently fallen through, and concerns over prices are emerging in the United States as well. So we are also considering increasing imports of Chinese industrial products.”
“That is very good to hear.”
“Then what are your thoughts on rare earths?”
“Rare earths are extremely important core materials for batteries. The United States is also our biggest customer. Though we may be competitors in advanced industries, I believe it would be better for us to help each other on matters where we can. After all, Mr. President, you previously lifted GPU restrictions on China as well.”
“You’re quite right. There is no reason for us to fight even over such matters.”
The economic ministers on both sides grew busy with their hands.
Though both men spoke indirectly, this was essentially a discussion about ending retaliatory tariffs against each other.
With the conversation proceeding smoothly, without pushing and pulling, the atmosphere of the U.S.-China summit seemed better than ever.
“Excellent. As expected, we share many points of agreement when it comes to trade. In that case, I would like to move on to that topic now.”
But once the trade issue had been settled, the ministers on both sides had no choice but to pick up their pens again with tense expressions.
“Chairman Xi. Isn’t it time to end the war now?”
Donald fired the opening shot.
“We in NATO deeply agree that this war must be brought to an end as soon as possible. The problem is Russia. It continues to secure war funds from who knows where and has not stopped producing military supplies. What are your thoughts on this?”
Xi Jinping’s face twitched.
“Well. Isn’t what matters not ‘where’ they secured the war funds, but ‘why’ they are securing them?”
“What do you mean?”
“From the standpoint of a third party, I understand that NATO’s eastward expansion policy provoked Russia’s vigilance. The President Putin I know was a cold-headed and wise man. If Ukraine gives up joining NATO even now, there is no reason the war cannot end.”
The faces on the American side turned cold.
“Ha, ha... Then why did Russia annex Crimea like that? Putin is by no means a wise man. He is a dictator who sold his soul to the devil for power. This entire war was waged for the sake of Putin maintaining his power.”
“So that is the American position. I cannot agree, but I will respect it.”
“No, Chairman Xi. This is not a matter that can end with respect. Do not purchase the bonds Russia issues, and block even indirect exports. That is the only way to end this war.”
Xi Jinping looked at Donald with an impassive face.
“That is a trade issue between China and Russia. I do not believe it is something the United States should involve itself in.”
“Then are you saying you have no intention of ending this war?”
“Then let the United States show a sincere attitude first. If the Western countries stop providing weapons to Ukraine, we will also try to persuade Russia.”
“Chairman Xi!”
In the end, Donald’s voice rose.
“Do you think we Americans don’t know China’s dark intentions? Don’t think of using Russia as a lever to pressure Europe. Russia’s invasion is the most unjustified war of the twenty-first century.”
“That differs from what I know. Wasn’t the war without justification the Iraq War?”
“How long do you intend to keep milking that Iraq War? Setting everything else aside, we made a clear promise in Budapest. To guarantee Ukraine’s security!”
“Allow me to make a proposal. Have Ukraine explicitly give up joining NATO and return to being a neutral state. Then Russia will end the war as soon as tomorrow.”
“Then the war may end tomorrow, but a week later, even more troops will invade.”
“With such a lack of trust, how can the war possibly end? Try trusting President Putin once.”
“Sorry, but I’m not Prigozhin. The United States is not such a foolish country.”
For a while, the two men glared at each other.
In truth, the reason the war, which had already entered a lull, still had not ended was because of their deep-rooted distrust of each other.
And for good reason: Putin was a notorious liar. Whenever a serious problem arose, he would beguile his opponent with sweet words and then inevitably stab them in the back. Even Prigozhin’s rebellion, which had briefly flashed by during the war, was eventually repaid by blowing up his plane.
“...”
“...”
Given the situation, there was no way Ukraine would accept an end to the war without a security guarantee. Because one could not expect even the minimum faith from Putin.
And so, though the front had already become fixed and meaningless battles for high ground were being repeated, no one could present a solution.
“Chairman. Instead of doing this, let’s speak frankly with each other.”
But that did not mean they could simply stand by and watch this war forever.
Donald calmed his anger and spoke in a gentle voice.
“We, the United States—no, we in NATO—have absolutely no trust in Putin, but we do still have trust in you, Chairman. I believe Ukraine feels the same.”
“Please speak.”
“The only one who can end this war is China. Do not supply that man Putin with war funds. If you do that, I will block Ukraine from joining NATO.”
Unlike before, Xi Jinping did not lash out sharply.
In truth, the prolonged Ukraine-Russia war was also a burden for China. The Russian government bonds they had purchased so far already amounted to tens of trillions of won, and this was money that should originally have gone toward supporting their domestic real estate.
Even apart from real estate, Russia’s wartime bonds were at a dangerous level for China as well. Those who had already declared default once during the dissolution of the Soviet Union—what was to stop them from doing it twice? Even within China, the prevailing view was that Russian bonds would not be collectible, and voices of resentment were pouring out, asking how long they had to keep supporting money that was certain to be swallowed up.
When that long silence ended, Xi Jinping opened his mouth.
“Very well. If the United States restrains Ukraine, we will also try to persuade Putin.”
“Truly?”
“Yes. Then how do you intend to settle the new border that will be drawn?”
“Naturally, it should be a ceasefire along the currently fixed front line.”
“And Crimea? As you know, Europe imposed numerous financial sanctions on Russia because of the annexation of Crimea. Relief from these sanctions is also one of President Putin’s demands.”
“Chairman, I’ve had this thought. Is there any need for us to get involved to that extent?”
“What do you mean?”
“To be blunt, the Ukraine war is a conflict between Europe and Russia. It has nothing to do with the U.S. and China. Likewise, I believe that issue should be resolved by Europe and Russia, and that there is no reason for us to get involved.”
Chairman Xi nodded.
“Now that I hear it, you are right. There is no need for us to get too deeply involved.”
“Yes. Let the parties concerned handle the peripheral details themselves.”
The meeting was not perfect, but it still reached a level both sides could be satisfied with. When they had reached an agreement even on the details, Xi Jinping said,
“Then shall we make a joint announcement on the contents of today’s meeting?”
*
—What the hell are you?
6 p.m.
The phone call from Department Head Oh made my blood run cold. Unlike the way he usually flew into a rage when he heard my nonsense(?), his voice was calm, without a trace of anger.
It seemed he had heard everything from CEO Mingwei.
“...I’m sorry.”
That was all I could say.
It must have been beyond shocking—horrifying. The entrusted manager had falsified the returns, and all of those returns were tied up in Russian bonds that could not be recovered...
—Hey, Lee Sejun! Don’t even think about lying to me anymore. You were the one given full authority to manage and supervise the Changcheng Fund. Did CEO Mingwei carry this out on his own and deceive even you, or did you order it?
“I ordered it.”
—W-what did you say?
“I was the one who designed the Changcheng Fund’s portfolio, the one who told them to invest those returns in Russian bonds, and the one who said I would pretend not to know about all of it.”
—You crazy bastard!
Department Head Oh’s pent-up rage finally exploded.
—Do you know what you’ve done? This is embezzlement and breach of trust! And on a scale of tens of trillions of won!
“Department Head...”
—Why did you do it? No, what the hell was the reason? If you wanted to skim money, there were plenty of suitable ways. There’s no way a sly bastard like you wouldn’t know that! But why did you pour tens of trillions into Russian bonds, of all things? Do you know what’ll happen if this gets handed over to the prosecution?
I had nothing to say.
If this material were handed over to the prosecution, I would probably be sentenced to over a decade on embezzlement charges under the Aggravated Punishment Act. I had diligently built connections with political figures for situations like this, but with the amount embezzled in the tens of trillions, I did not know whether that shield would still be effective.
“...It will work.”
But what could I do? It was a goal that could never be reached through legal means.
—What?
“At this APEC summit, a declaration to end the war will come out.”
—What kind of bullshit is that! Ukraine, Russia, and Europe aren’t even participating in APEC!
“It isn’t a war they can end anyway. The U.S. and China will settle it.”
—W-what?
“And once the end of the war is declared in earnest, we will also have to restore relations with Russia.”
—So the purchase of Russian bonds was an anti-Russia strategy?
“...Yes.”
—No matter how I look at it, there’s no way to collect on them, so how is this an anti-Russia strategy!
“...Department Head!”
—Shut up. APEC or whatever, you come up to Jeonju right now! I’ve already sent Director Kim to replace you, so you come to Jeonju immediately!
After hanging up the phone, Department Head Oh could not control his anger for some time.
Thirty billion dollars... about forty-five trillion won in Korean currency.
To avoid even the scrutiny of the Chinese authorities, Changcheng had purchased these bonds through borrowed-name accounts and by establishing subsidiaries. For Korea, which had diligently followed the West’s financial sanctions, it was an extremely awkward sum of money... Moreover, no one knew when this war would end.
“D-Department Head.”
While he was trying to soothe his troubled mind, Director Choi from the overseas team hurried in.
Pressing his fingers to the bridge of his nose, Department Head Oh said,
“Director Choi, I don’t know what you’re here to say, but let’s do it tomorrow. I have a lot to worry about today, so I’m going to leave early.”
“The war is over.”
“What?”
Director Choi showed him the leaders of the U.S. and China currently holding a joint press conference and said,
“The leaders of the U.S. and China have announced a ceasefire proposal. Because of this, futures indexes in major countries are currently soaring!”
Department Head Oh’s legs gave out, and he collapsed back into his seat.