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Bilateral economic relations with China

Bilateral economic cooperation with China has accelerated since the establishment of diplomatic relations in 1992. China is of paramount importance in terms of trade and investment flows. Korea-China economic relations have mirrored the dynamic development of China. But the model of using Chinese low-wage labor as part of a wider East Asian production network has reached a critical junction. Companies engaged in simple manufacturing processing are being forced to relocate or shut down. Large investments tend to be made in “high value-added” industries in China, from manufacturing to services in finance, logistics and real estate. This structural change in China requires the need for prompt and consistent actions in response.

Source : SaKong, Il and Koh, Youngsun, 2010. The Korean Economy Six Decades of Growth and Development. Seoul: Korea Development Institute.