China to Overpass S.Korea in Major Industries in 10 Years: InstituteSouth Korea will fall behind China in almost every industrial sector at the end of 2010, according to a report issued by the Samsung Economic Research Institute Thursday.In the report, the institute said that in terms of trade volume, China will catch up South Korea in business sectors such as the chemical fiber and steel industries within five years. It also predicted that China will stand on an equal footing with South Korea in the field of information technology (IT), the shipbuilding, the automobile and the petrochemical industries within 10 years. The report spoke highly of China for the country has ranked first in the world in producing and exporting such labor-intensive industries as electronics, textiles and shoes. It said that Chinese electronics, including TV sets, air conditioners and washing machines, have dominated the global market with competitive edges in price and production cost. The institute also forecast that the Chinese economy will grow by eight percent due to the investment by the ethnic Chinese around the world, the powerful political leadership of the government and the development of enormous domestic market. |
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