Global Times.
Global Times special correspondent in South Korea Ding Ling] Yonhap News Agency said in 3** that South Korea's Minister of Industry, Trade and Energy Guan Moon Gyu said in an interview that South Korea will adopt a pragmatic policy in terms of first-chain cooperation. In the future, South Korea will, on the one hand, strengthen its first-class chain relations with the United States and Japan, and on the other hand, it must cooperate with China, South Korea's main partner. South Korea's Ministry of Trade, Industry and Energy just released monthly data showing that South Korea's exports emerged from the slump in November, mainly due to the recovery of exports to China.
South Korea needs to adopt a pragmatic strategy in the economic and trade arenas, as it faces the challenge of balancing between China and the United States in security, manufacturing, and the broader economy. Fang Wengui said that the high-tech dispute between China and the United States may continue, and South Korea will strengthen cooperation with the United States and Japan in the global ** chain. But given the structure of South Korea's economy, continued cooperation with China is also a must.
Yonhap News Agency said that China is currently South Korea's largest partner, and in the first nine months of this year, China accounted for 19 percent of South Korea's total exports7%。At the same time, South Korea is also heavily dependent on China for key industrial raw materials such as lithium and nickel. On December 1, China officially implemented a policy of export controls on certain items of graphite, a key raw material for electric vehicle batteries and other electronic products. Fang Wengui said that similar measures by the Chinese side will have a significant impact on South Korea's ** and manufacturing industries, and hopes to establish multiple communication channels with the Chinese side.
South Korea's exports in November were $55.8 billion, up 7 percent from the same month last year, according to the Ministry of Trade, Industry and Energy8%, maintaining a growth trend for two consecutive months, and the good performance of China** has become a key factor. South Korea's exports to China in November were $11.4 billion, the best performance this year, and exceeded $10 billion for four consecutive months. South Korea's exports to China hit a low point in March this year, down 33% from the same period last year, and have gradually improved since then, with the monthly ** deficit with China rising from 39 in January$400 million decreased to 7$300 million. Cho Sang-hyun, president of the International Trade Research Institute of the Korean Association, said that with the recovery of semiconductor exports to China, exports to China will stop falling and rebound next year.
In response to South Korea's year-long deficit with China, Fang Wengui hopes to formulate a new strategy to deal with structural changes. Fang Wengui said that China's rapid scientific and technological progress has surpassed South Korea in the fields of flat panel displays, artificial intelligence, and quantum technology, resulting in a decline in South Korea's exports of parts and intermediate goods to China. South Korea's top priority is to enhance its technological capabilities in advanced fields and expand its influence in the Chinese market with high-quality goods and value-added consumer goods.