On the afternoon of December 2nd, the seminar on Sino-ROK cooperation under China’s dual circulation economic strategy was held in Guangzhou. Mr. Hong Sung-wook, consul general of the Republic of Korea in Guangzhou, and Mr. Qiu Guohong, former ambassador to South Korea delivered the opening speech.

[Photo: Hannah]

The seminar is divided into two parts followed by a Q&A session. The first part focuses on how China and South Korea can further enhance trade and cooperation by tapping into China’s huge consumer market, while the second part is approached from the international point of view - how cooperation between the two countries to be strengthened as China will continue its economic exchanges with other countries and open up more, especially in the financial sector.

The ‘dual circulation’ economic strategy refers to a new development pattern with internal circulation complemented by external circulation and was put forward by the government at a meeting on May 14th. It has been included in the 14th five-year plan from 2021 - 2025.

‘Internal circulation’

Gao Yonghe, a consultant from SV Investment, suggested that ROK entrepreneurs should seek opportunities in fields like high-tech, food, transportation, education, tourism, and medical care, etc, with the expansion of domestic market in China.

Wen Yang, a senior research-fellow from the Guangdong-Hongkong-Macao Greater Bay Area Institute for Development and Innovation, also pointed out that South Korea, together with Guangdong province, should make breakthroughs in new technologies and deepen cooperation in basic research, education, trade, and cultural exchanges, etc.

‘External circulation’

Zhou Yonghe, the executive deputy secretary general and senior research-fellow from Charhar Institute, stated that under the framework of RCEP, the intermediate products from South Korea will continue to capture a larger share of the domestic market in China. As China also intends to join the CPTPP (the Comprehensive and Progressive Agreement for Trans-Pacific Partnership), the Sino-Japan-South Korea Free Trade Zone will be in the formation.

Huang Zaiyuan, director of Korea Trade-investment Promotion Agency (KOTRA) in Guangzhou, said that enterprises in Hongkong and Macao should take full advantage of the advanced logistics and infrastructure in the Greater Bay Area, one of the economic drivers in China during the post-pandemic period.

Author | Fanny

Editor | Will, Jerry