LIFIT boosts progress of China-South Korea ties

Annual event seeks to build provincial capital into hub of Northeast Asia

As a key part of the recent Liaoning International Fair for Investment and Trade, the China (Shenyang) South Korea Week helps to enhance bilateral economic ties and the host city’s goal of becoming a highland of opening-up in Northeast Asia.

The week, held from Nov 17 to 21 in Shenyang, capital of Liaoning province in Northeast China, focused on the theme of “sharing opportunities, seeking joint development and creating a shared future”.

Since its inception in 2002, the annual event has been held 18 times and has provided a crucial platform for Shenyang to build itself into an international central city in Northeast Asia, organizers said.

As this year marks the 30th anniversary of the establishment of diplomatic relations between China and South Korea, the week has been incorporated into LIFIT to boost its international profile.

LIFIT has been upgraded to a national event. Capitalizing on that, the China (Shenyang) South Korea Week was also upgraded with four highlights, ranging from themed exhibitions and trade talks to cultural and artistic performances, said Sun Jinhua, deputy director of the Shenyang commercial bureau.

Experts pointed out that in recent years, the rise of counterglobalization and trade protectionism has affected the global economy, and the COVID-19 outbreak has hindered international trade exchanges. In this context, Shenyang’s move to build itself into an opening-up highland in Northeast Asia can help to break trade barriers and achieve high-level economic cooperation within the region.

Shenyang aims to be a national modern comprehensive center, a

national advanced manufacturing center and a national comprehensive science center, as well as a regional financial and cultural hub, according to the Shenyang Action Plan for Building a National Central City released in May.

The National Development and Reform Commission said in July that it supported Shenyang’s strategic target of creating an internationalized central city in Northeast Asia.

China-South Korea diplomatic

relations have achieved rapid development in all aspects, especially in the economic field.

South Korea is China’s fourthlargest trading partner, while China, in turn, remains South Korea’s largest trading partner, export market, source of imports, and overseas investment destination.

Data from the General Administration of Customs show that bilateral trade between the two countries achieved 2.02 trillion yuan ($281.93 billion) between January

and October, a 45-fold increase from 1992. During these 10 months, China’s exports to South Korea reached 898.63 billion yuan, an increase of 16.3 percent year-onyear, while imports from South Korea totaled 1.12 trillion yuan.

Despite the impact of the COVID-19 pandemic, the China-South Korea trade volume stood at $285.26 billion in 2020, representing a 0.3 percent year-on-year rise.

Experts pointed out that the China-South Korea Week event as

a high-level exhibition will promote investment and trade between the two countries and create a healthy atmosphere for their cooperation in all fronts. It will lay a solid foundation for advancing bilateral cooperation, expand their exchanges and promote Shenyang’s construction of an international hub in Northeast Asia.

PROVIDED TO CHINA DAILY Representatives of both countries attend the opening ceremony of the China (Shenyang) South Korea Week in Shenyang, Liaoning province, on Nov 18.