Sino-ROK Economic Seminar to Be Held in Beijing in March

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Last updated at: (Beijing Time) Monday, March 18, 2002

Sino-ROK Economic Seminar to Be Held in Beijing in March

People's Daily and Chosun Ilbo of S. Korea will jointly hold Sino-ROK Economic Seminar, titled "China's WTO Accession and Sino-ROK Economic Cooperation". It is to be held in Beijing March 27 to 28, to mark the 10th anniversary of the establishment of China-ROK diplomatic relations.

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Aims of the Seminar

The seminar has its aim in strengthening exchanges and cooperation between the main media and enterprises of eastern Asian countries reached by the leaders of China and ROK at the conference of the ASEAN Association last November.

Wide Range of Topics

A wide range of topics is to be put on agenda of the seminar. These include "Experience and Prospects of Sino-ROK Economic Cooperation", "Experience of ROK in Overcoming Financial Crisis and Achieving Steady Economic Development", "Measures of ROK to Settle Trade Disputes After Joining the WTO", "Development Strategy of ROK Enterprises" and "Prospects of the Establishment of Sino-ROK Free Trade Zones".

Participants of the Seminar

Participants will include personages of economic and enterprise circles and research institutions of the two countries. Shi Guangsheng, Chinese Minister of Foreign Trade and Economic Co-operation, Chen Yuan, president of China Development Bank, Yu Xiaosong, chairman of the China Council for the Promotion of International Trade (CCPIT), Xie Qihua, general-manager of Shanghai Baoshan Iron and Steel Group, and Li Zhanshu, Secretary of Municipal Committee of the CPC of Xi'an, will give speeches to the seminar. Speechmakers of the ROK include Son Kil Seung, Chairman of SK Telecom Co., Sang-Boo Yoo, Chairman of the POSCO, Jae-Chul Kim, chairman and CEO of KITA and Young-Soo Kim, chairman of Korea Federation of Small and medium Business. CEO and chief representatives of world famous enterprises such as HYUNDAI Auto, LG, Kookmin Bank, Pyeounghwa ELECTCOM, the Korea Chamber of Commerce and Industry, Samsung Group, will also attend the seminar.

Representatives of the Chinese Ministry of Foreign Affairs, Chinese Academy of Social Sciences, China Institute for International Studies and related domestic enterprises will participate in the meeting. Xi'an Economic and Technological Development Zone will be the assistant sponsor. Tianjin Economic and Technological Development Zone and Beijing Enterprises Cultural Construction Association will be the member units. Embassies of Both Countries in each other will act as assistant units.

China and ROK Enjoy Good Relationships

ROK is the second largest investor of China. Both countries are the third largest trade partners of each other. The total trade volume of the two is approaching US$40 billion. The seminar will act as a platform to promote Sino-ROK economic and trade cooperation and develop new ways and channel of bi-cooperation.

China and ROK

I. Political Relations and High-Level Exchanges

Relations of Economic and Trade Cooperation

Since the establishment of diplomatic relations, the Governments of the two countries have successively signed a series of agreements including the agreement on trade cooperation, the agreements on investment protection, on the establishment of a joint committee on economic, trade and technological cooperation, on marine transportation, on avoiding double-taxation and preventing tax-evasion and on the peaceful use of nuclear powers. The bilateral economic and trade cooperation has achieved a steady, healthy and rapid development.

From 1992 to 1997, the bilateral trade volume has increased annually by a big margin, registering at US$24.036 billion in 1997. Affected by the Asian financial crisis, however, the Sino-ROK trade volume in 1998 decreased to $21.264 billion. In 1999, the bilateral trade volume rose to $25 billion. According to Chinese statistics, Sino-ROK trade volume in 2000 was 34.5 billion U.S. dollars, an increase of 38% over the precious year, of which Chinese export was 11.2 billion U.S. dollars and import was 23.3 billion U.S. dollars. Up to the end of 2000, the Chinese side approved 15,395 items of investments by ROK enterprises with a contract value of 18.672 billion U.S. dollars and the actual amount spent was 10.245 billion U.S. dollars.

When the ROK was hit by the financial crisis, China provided it with 3 packages of financial aids totaling $681.5 million in the framework of the IMF working budget.

III. Scientific and Technological Cooperation and Exchanges in Culture and Other Areas

By PD Online staff member Du Minghua

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