China, S.Korea pursue broader business ties

China and South Korea recently held a series of economic and trade events recently, from official meetings and investment fairs to people-to-people dialogues. Experts said that the exchanges are necessary and timely amid a gloomy and more uncertain global economic outlook, and will contribute to in-depth cooperation between the two countries and help industrial supply chains stability.

The Korea Trade-Investment Promotion Agency, a trade facilitation body funded by the South Korean government, is holding an export fair called “Boom up KOREA in China, Beijing” from Monday to Wednesday, the Yonhap News Agency reported.

It said that South Korean producers of materials, components and internet equipment as well as dozens of Chinese companies would attend the event, and the two sides will sign a Memorandum of Understanding worth $1.5 million .

This is one of the latest examples of the trade and investment fairs held between the two countries. On November 18, the 4th China-Korea Trade and Investment Expo and Jiangsu-Korea Economic and Trade Cooperation Exchange was held in Yancheng, East China’s Jiangsu Province. A total of 21 projects were signed at the event, with a total investment of 47.3 billion yuan ($6.57 billion), according to the organizing committee of the China-Korea Trade and Investment Expo.

Those exchanges come at a critical time, reflecting that the two sides give high importance to bilateral economic cooperation and remain committed to maintaining sound cooperation momentum, said Zhang Huizhi, vice dean of the Northeast Asian Studies College at Jilin University.

China has been the largest trade partner of South Korea for 18 consecutive years.

In the first seven months of 2022, bilateral trade reached $214.9 billion, up 8.9 percent year-on-year. South Korea’s direct investment to China soared 44.5 percent year-on-year between January and July, official data showed.