China's Deficit in Trade with ROK Must be Solved: Official

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Last updated at: (Beijing Time) Wednesday, August 20, 2003

China's Deficit in Trade with ROK Must be Solved: Official

China's trade deficit problem in its trade with South Korea must be solved in future, said visiting Chinese Vice Minister of Commerce Ministry of China Wei Jianguo Wednesday in Seoul.

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China's trade deficit problem in its trade with South Korea must be solved in future, said visiting Chinese Vice Minister of Commerce Ministry of China Wei Jianguo Wednesday in Seoul.

In a press conference, Wei said that up to 2002, the total amount of China-South Korea bilateral trade was eight times that in 1992, when the two countries set up diplomatic ties. But with the growth of the trade relation between the two countries, the problem of China's deficit also emerged and got more and more serious.

"Only in the first seven month of this year, the bilateral trade figure hit to 27.5 billion US dollars. China imported 18.3 billion dollars of goods from South Korea, but only exported to Seoul 9.2 billion dollars," pointed out Wei.

"It's lucky that both the Chinese and South Korean leaders agreed previously that the trade deficit issue must be addressed seriously in future," said Wei, stressing "During South Korean President Roh Moo-hyun's visit to China last month, Chinese President Hu Jintao agreed with him to promote the Sino-South Korean trade to the 100 billion dollar level."

"China's trade deficit problem should be solved based on mutual beneficial, practical and realistic, open, equal and just principals," the vice minister said.

Wei also pointed out that the bulwark in the South Korean market is the main source of the Chinese trade deficit, such as in the South Korean agriculture field.

He said that during his meeting with Vice Minister of the South Korean Ministry of Commerce, Industry and Energy Kim Qil-doo on Tuesday, the South Korean official said the South Korean government will "actively consider" China's stance over the trade deficit problem.

"The issue will be resolved with the development of Sino-South Korean economic relations," forecast Wei.

The Chinese official came to Seoul to attend a two-day China-South Korea Technology Show opened on Wednesday, which attracted 39 Chinese companies and some 300 South Korean enterprises.

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