NMAC BTWN A DC8 IN FOREIGN AIRSPACE SBOUND AT FL260 AND A DSNDING AIRBUS A310 DSNDING IN THE OPPOSITE DIRECTION APPROX 500 FT BELOW. ATC RPTED THE TFC AT FL280; WHICH WOULD HAVE PLACED THE TFC AT 2000 FT ABOVE THEM!

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WE HAD DEPARTED KIMPO ARPT IN SEOUL; KOREA; ENRTE TO TAIPEI; TAIWAN. APPROX 30 MINS INTO OUR FLT; WE WERE ALREADY LEVEL AT OUR CRUISE ALT OF FL260. WE HAD A NEAR MISS WITH AN AIRBUS THAT PASSED UNDERNEATH US ABOUT 500 FT OR LESS. CTR (TAEGU CTR) HAD CALLED TFC OUT TO US. THEIR EXACT WORDS: 'TFC 12 O'CLOCK (?) MI SHOWING!! FL280.' (I DO NOT REMEMBER THE DISTANCE. HOWEVER; IT WAS A LONG DISTANCE; IE; GREATER THAN 10 MI.) I RESPONDED TO CTR 'ROGER.' THE NEXT CALL FROM CTR WAS TO ASK US IF WE HAD THE TFC IN SIGHT. I RESPONDED 'NEGATIVE.' A FEW MINS WENT BY WHEN WE BOTH (CAPT AND I) JUMPED AND SAW AN AIRBUS AT THE BOTTOM OF OUR WINDOW; GOING BENEATH US; NO TIME TO REACT. CTR CALLED AGAIN; CALLING TFC (NOW BEHIND US) 'TFC 4 O'CLOCK SHOWING!! FL280.' THE CTLR HESITATED IN HIS SPEECH WHILE TELLING US THIS. WE BELIEVE BECAUSE HE JUST SAW ON HIS RADAR SCREEN WHAT ALMOST HAPPENED. HOWEVER; HE STILL CALLED HIS ALT AT FL280; SAYING HE'S 'SHOWING!! FL280.' WHY? MAYBE TO COVER UP HIS MISTAKE. WE DID NOT RPT IT TO CTR OR COMPLAIN TO THEM. WE ASKED FOR THEIR PHONE NUMBER TO CALL THEM ON THE GND; AND WERE UNABLE TO REACH THEM WITH THE NUMBER THEY GAVE US. CONTRIBUTING FACTOR: WE BELIEVE (BUT ARE NOT SURE) THAT THE PREVIOUS CTLR MUST HAVE GIVEN THE AIRBUS A DISCRETIONARY DSCNT. WHEN HE STARTED DOWN; THE CTLR EITHER DID NOT NOTICE HIS DSCNT OR MISUNDERSTOOD THAT WE DID NOT HAVE HIM IN SIGHT. THE AIRBUS; EITHER WAY; SHOULD NOT HAVE BEEN ALLOWED TO DSND. CONTRIBUTING FACTOR: THE ALT -- WAS THE RADAR NOT WORKING? WAS THE AIRBUS MODE C (ALT RPTING) NOT WORKING? WHY DID CTLR SAY 'SHOWING FL280;' EVEN AFTER HE PASSED BELOW US. CONTRIBUTING FACTOR: NO TCASII INSTALLED IN CARGO ACFT. FAA DO NOT REQUIRE UNITED STATES CARGO ACFT TO INSTALL IT. THIS WOULD HAVE BEEN VERY HELPFUL. ONLY FOR PAX ACFT. WHY?