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S. Korea unveils measures to boost exports to China

(Xinhua)

17:00, July 11, 2012

SEOUL, July 11 (Xinhua) -- South Korea unveiled Wednesday a set of measures to boost exports to China as demand for locally-made products from the world's No.2 economy faltered due to Europe's debt crisis and slower global economic growth.

According to the Ministry of Strategy and Finance, Seoul planned to help the country's consumer goods exporters expand into the Chinese online market by offering consulting and aiding marketing activities in China. It also planned to push the installment of shops only for South Korean consumer goods in the Chinese major discount outlets.

To activate expansion into the Chinese capital goods market, the South Korean government will encourage local companies to participate in the Chinese urban development projects, while urging local parts and components makers to strengthen cooperation with their Chinese counterparts in the auto, tech, machinery and other high-tech industries.

In accordance with the bilateral trade growth, Seoul planned to offer local firms better access to logistics such as air and marine transports by widening its cooperation with Beijing, the ministry said.

In addition, Seoul planned to strengthen its cultural cooperation with China by promoting joint production in the cultural industry, while providing assistance for expansion into the fashion and food sectors.

The measures came amid sluggish exports to China, which account for around 25 percent of South Korea's total exports. Shipments to China reduced 1.6 percent during the January-May period, down 1.6 percent from the same period of last year. The exports to China jumped 14.8 percent in 2011 and 34.8 percent in 2010 each.

Finance Minister Bahk Jae-wan said at the crisis management meeting that the way Korea trades with China needs to change to reflect China's transformation from global exporter to consumer, noting that South Korea's exports need to change to take advantage of China's growing domestic demand.

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