By Jihoon Lee and Ju-min Park

GYEONGJU, South Korea (Reuters) -Chinese President Xi Jinping will wrap up his three-day visit to South Korea on Saturday with a state visit hosted by President Lee Jae Myung, the newly elected U.S. ally who has pledged to balance Seoul’s ties with Beijing.

The stakes are high for Lee who assumed office in June following the ouster of his hawkish predecessor over a failed attempt to impose martial law. Lee faces the dual challenge of protecting South Korea’s export-driven economy and lowering tensions with North Korea amid rising China-U.S. competition.

Earlier this week, Lee also hosted U.S. President Donald Trump for a rushed state visit, showering him with gifts and praise before announcing a surprise trade deal aimed at lowering U.S. tariffs in return f

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