Economic ministers of China and the Republic of Korea (ROK) yesterday agreed to further strengthen bilateral cooperation in a bid to deepen economic and trade ties.
The two sides reached the agreement at the Third Sino-ROK Economic Minister Conference held yesterday in Beijing.
Zeng Peiyan, minister of the State Development Planning Commission, told Jeon Yun-churl, ROK deputy Prime Minister and Minister of Finance and Economy, that China will continue economic cooperation with the ROK through various means.
"The economic minister conference itself can help us to settle many problems occurring during our economic exchange activities," said Zeng, who revealed that the fourth conference will be held next year in the ROK.
Jeon also agreed that economic minister meetings held since 1993 have greatly promoted stable economic development between the two countries.
"At the governmental level, as the world speeds up its steps of globalization and regionalization, it is urgent for us to consolidate cooperation with regard to macroeconomic management and industrial sectors," Jeon said.
Official statistics indicated that during the past 10 years, ROK enterprises have invested about US$12 billion in 18,000 projects in China, which has become ROK's biggest overseas investment target country.
Economists said that economic cooperation between the two countries is becoming more active now that China is a World Trade Organization member.
"For one thing, more sectors such as telecommunications, finance, agriculture and banking will become open to global investors, including those from the ROK," said a renowned economist from the Chinese Academy of Social Sciences, who refused to be identified.
Since both countries represent important economies in the Asia-Pacific region, they will have better-than-average economic prospects this year, which will help promote such cooperation, said the economist.
He quoted a recent annual economic survey by the Economic and Social Commission for Asia and the Pacific as saying that it was most upbeat about China and the ROK, which last year chalked up Gross Domestic Product (GDP) growth rates of 7.3 and 3 percent respectively.
Growth in the ROK in 2002 should exceed the 2001 rate as domestic stimulus begins to have a positive effect on output, the report said.
(China Daily May 14, 2002)
