China South Korea economic and trade cooperation expands new win-win space in the changing situation
Jiang Haoqiu, director of the Korea China Economic and Social Research Institute, recently stated in a written interview with reporters that in the face of the structural adjustment of the Korea China economic relationship and the rapid development of future industries such as artificial intelligence, the two countries should actively explore new cooperation spaces, leverage their respective advantages, and achieve complementarity and win-win results.
Against the backdrop of increasing global economic uncertainty, the resilience of China South Korea economic and trade cooperation continues to emerge. In 2024, the bilateral trade volume between China and South Korea reached 328.08 billion US dollars. Since the establishment of diplomatic relations between the two countries in 1992, the bilateral trade volume has increased by more than 60 times. China has been ranked as South Korea's largest trading partner for 21 consecutive years, while South Korea is China's second largest trading partner.
Jiang Haoqiu said that the bilateral trade volume between South Korea and China has steadily increased for many years, and at the same time, there has been a structural adjustment in the economic cooperation between South Korea and China. Both sides need to adapt to the new economic cooperation structure, form new cooperation ideas, and create new directions for cooperation.
The South Korean government has previously stated that with the significant growth and development of the Chinese economy, the economic and trade relations between South Korea and China are gradually evolving from vertical cooperation to horizontal cooperation and equal cooperation. In fields such as artificial intelligence and high-tech industries, South Korea and China should establish a new equal cooperation relationship and create a cooperative economic relationship that is conducive to the development of both sides.
Jiang Haoqiu believes that competition does not necessarily mean a reduction in cooperation space or a weakening of complementarity. The economic relationship between South Korea and China presents a situation of coexistence of competition and cooperation, and the two countries can complement each other through their respective technological advantages. Enterprises from both countries can benefit global consumers and achieve a "positive sum game" by promoting competition, improving efficiency, and seeking benefits. Especially in emerging industries of the future, cooperation between the two sides outweighs competition
He stated that artificial intelligence and the new energy industry are the core areas leading the new round of industrial revolution. In the development process of these industries, if enterprises from South Korea and China can strengthen strategic communication, fully leverage their respective industrial advantages, and complement each other's strengths, both sides will have the opportunity to jointly establish a new production network in East Asia based on "horizontal cooperation and artificial intelligence".
At present, multiple companies from China and South Korea are conducting in-depth cooperation in various emerging industries through capital and technology integration. As a company mainly engaged in the research and production of batteries, battery materials, and new materials, Samsung SDI in South Korea has core competitiveness in technology research and development for its polarizer business. Hengmei Optoelectronics, controlled by China Haosheng Technology Group, has completed the acquisition and delivery of Samsung SDI polarizer business, further deepening the cooperation between Chinese and Korean enterprises in the optoelectronic display industry.
In Jiang Haoqiu's view, the economy of South Korea and China is entering a new period of opportunities. The fields of artificial intelligence, digital economy, service trade, green transformation, and third-party market cooperation are all highly valued development directions by South Korea and China. Both sides should strengthen communication, jointly explore cooperation plans, and expand new cooperation spaces.
Jiang Haoqiu stated that economic cooperation between South Korea and China should be promoted by the two governments to enhance understanding and trust, and jointly create a mutually beneficial and win-win future based on "horizontal competition" and "horizontal cooperation".