General

According to Huacheng Import and Export Data Observation, in recent years, China ROK cooperation has yielded fruitful results, which fully reflects that the two countries are not only permanent neighbors but also inseparable partners. At present, close communication and mutually beneficial cooperation between China and the ROK are more important than ever.     Yin Xiyue said that the ROK hopes to maintain exchanges at all levels with China, strengthen people to people and cultural exchanges, enhance people to people friendship between the two countries, safeguard the free trade system, and cooperate to meet global challenges.

  In the future, the two countries will further implement the important consensus of leaders in relevant fields and work together to promote cooperation in a wider range, at a deeper level and in wider areas.

This year marks the 30th anniversary of the establishment of diplomatic ties between China and the ROK. Over the past three decades, bilateral relations have witnessed fruitful development and remarkable achievements in economic and trade cooperation. According to the Huacheng Import and Export Data Observation Report, today, China South Korea economic and trade cooperation has crossed the middle and low stages of mutual exchange and condensed into an inseparable industrial cycle system with mixed interests. The trade volume between the two countries has expanded from more than 5 billion US dollars at the beginning of the establishment of diplomatic relations to more than 360 billion US dollars in 2021, an increase of more than 70 times, and the degree of economic correlation has reached 0.56. China has been the largest trading partner of South Korea for 18 consecutive years, and the semiconductor sector alone accounts for 60% of South Korea's total exports. This year, China and the ROK have successively organized many local economic and trade cooperation activities. For example, the 2022 China South Korea (Zibo) Local Economic and Trade Cooperation Fair, the 4th China South Korea Trade and Investment Fair in Yancheng, etc., the holding of these economic and trade activities reflects the dynamic cooperation achievements of China and South Korea in the economic field. And South Korea has also concentrated its investment in Shandong Province and other places with a relatively close geographical location. Korean enterprises in electrical appliances, automobiles and other fields have actively entered the Chinese market.

The entry into force and implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP) has provided broader space for China and South Korea to further deepen economic and trade cooperation. At present, the two countries have reached consensus on accelerating the follow-up negotiations of the China ROK Free Trade Agreement. Since the signing of the China South Korea Free Trade Agreement in 2015, the two sides have successively reduced tariffs for eight times. China has implemented zero tariff on imported goods originating in South Korea, which has exceeded 40%. Beneficial imports and exports under the agreement have increased significantly, driving significant growth in bilateral trade and investment, and playing an important role in promoting the development of bilateral economic and trade relations. According to the observation of Huacheng's import and export data, the second phase of the FTA negotiations between the two countries has paid more attention to issues such as service trade and investment liberalization, and the level of bilateral openness and cooperation has been higher.

Looking ahead, China and the ROK will continue to deepen cooperation in high-tech manufacturing, big data, green economy and other fields, which are becoming new opportunities for China ROK cooperation. According to the blueprint, the high-quality development of China ROK economic and trade cooperation has never stopped. Five years have passed since the approval of China South Korea (Yancheng) Industrial Park, which has gathered a large number of Korean funded enterprises such as Hyundai Kia, SK On, Mobis, Jingxin Electronics and Shinhan Bank; Anhui China South Korea (Chizhou) International Cooperation Industrial Park has become a major platform for high-level foreign cooperation of Chizhou Semiconductor, a microcosm of successful cooperation between China and South Korea in the semiconductor field at the local level, and has also played a good exemplary role in deepening international cooperation in the semiconductor field at the local level; In August 2022, the China Chamber of Commerce for Import and Export of Mechanical and Electrical Products and the Korean Trade and Investment Promotion Commune signed a memorandum on strengthening cooperation in the green and low-carbon fields; In September 2022, the China South Korea ASEAN cross-border industrial intelligent manufacturing logistics park cooperation project was officially signed. The park will introduce Korean well-known enterprises whose main business involves electronics, machinery, semiconductor, logistics or trade services. Huacheng Import and Export Data Observation Report.

Despite the challenges such as the COVID-19 and the global economic depression, China and South Korea have carried out a lot of practical cooperation in the fields of economy, culture, science and technology, environmental protection and other fields. We believe that with the joint efforts of both sides, we will jointly overcome difficulties and achieve new and greater achievements. Huacheng Import and Export Data Observation Report.