The rate of Chinese economic growth since the reformation and the open-door policy in 1978 reflects the average annual about 9%.
According to several research institutions, if these conditions continue, Chinese economy will be a superpower of the wor...
The rate of Chinese economic growth since the reformation and the open-door policy in 1978 reflects the average annual about 9%.
According to several research institutions, if these conditions continue, Chinese economy will be a superpower of the world economy next to America before long.
The elements that gave support to the growth of Chinese economy were Chinese's stabilized savings, a lasting inflow of foreign direct investment, a vast capital of the overseas Chinese, etc. Nevertheless, the inside affairs of such a rapid growth is studded with an economic structure of low efficiency and an oversupply, a deepening of interzonal gap and class gap, and a serious industrial pollution as side effects.
Such being the case, observation about the future of Chinese economy is dark or hopeful, according as researchers bring which side into relief.
It is true that the positive factor for lasting growth of Chinese economy is stronger than the negative one. Such elements are an extensive territory, 13billion Chinese people, their utilitarianism, a political leadership, and an abundant investment in China by all countries of the world.
The fast-growth of China means an opportunity and a challenge to Korea because both are inseparably related to each other in the historical and the geographical sides.
If Korea magnifies economic interchange with China by strengthening continuously reciprocity between Korea and China, the economic relations between two countries will contribute to the economic prosperity of Northeast Asia in the twenty-first century as partnership for economic exploitation.
Accordingly, it is necessary to grope for a neutralizing measure of trade conflicts than a quantitative expansion of economic interchange between two countries.
There is need to strengthen the investigation on Chinese industries in order to get a good opportunity, as is remarked above. And the competent authorities must regularly discuss an issue on the construction of school-work links in order to examine the industrial policy, the problem of income and outgo between two countries, and the countermeasure on de-industrialization of Korean industry, by presenting the major industries for the present and the future in Korea.
In the trade relations, there is need to debate a conclusion of FTA among Korea, China, and Japan as a plan on the revitalization of intra-trade and the stimulation of international division of labor.
Individual enterprises must get rid of a preconception about China as manufactory based on low wages and strive to secure local-home market, by practicing market research, internationalization and investment in various parts.