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China’s structural change and the impact on Korea’s industrial growth

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Frame of Image ghoon Chung, Fellow at KDI
“Until 2014, demand for durable goods was at the heart of China’s domestic market growth. This, combined with the expansion of global value chains(GVC), contributed significantly to the rise of Korea’s key industries, particularly that of heavy and chemical products, including electrical and electronic devices. Today, however, China faces two concurrent challenges, a slowdown in growth and a structural shift in domestic demand to services. As a result, a considerably large impact will likely be felt across the Korean heavy and chemical industries, the biggest beneficiaries of the rapid increase in China’s domestic demand. Under the circumstances, Korea’s policy makers and industrial entities need to enhance their understanding of the changes in the Chinese economy and develop preemptive countermeasures by reforming existing business structures. Additionally, researchers must provide more in-depth studies on China’s evolving domestic market.”
Ⅰ. Introduction
The extraordinary economic growth witnessed in China since the implementation of its open door policy in the late 1970s is slowly losing momentum. As for the causes,
* Written based on Chung, Sunghoon, “Global Value Chains and Impacts of China’s Structural Changes,” in Kyungsoo Choi (ed.), Structural Changes of the Chinese Economy and New Opportunities for Korea, Chapter 2, Research Monograph 2015-09, Korea Development Institute, 2015 (in Korean).
KDI FOCUS
2
many believe that the contribution to


Full Text
Title China’s structural change and the impact on Korea’s industrial growth
Similar Titles
Material Type Articles
Author(English)

chung, Sunghoon

Publisher

Sejong, South Korea:Korea Development Institute

Date 2016-09
Journal Title; Vol./Issue KDI Focus:no. 72
Pages 10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Manufacturing
Industry and Technology < IT
Holding Korea Development Institute

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