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China-S Korea economic exchange forum held in Seoul

China

China

China

China-S Korea economic exchange forum held in Seoul

2024-05-28 17:52 Last Updated At:05-29 02:57

Business executives from China and South Korea expressed their anticipation on Monday for future cooperation between the two countries in renewable energy, cutting-edge technology, supply chain and other fields.

At a forum on enhancing China-South Korea economic exchanges held in Seoul, business leaders and government officials aired their optimism about the prospects of collaboration and looked forward to exploring opportunities for mutual growth and development.

The economic and trade cooperation is the ballast of China-South Korea relations for long, they said.

For the past two decades, China has consistently been South Korea's largest trading partner, while South Korea holds the position of China's third-largest trading partner.

As of March 2024, South Korea had established over 75,000 companies in China, with actual investments exceeding 100 billion U.S. dollars.

Attendees of the meeting from both sides agreed that the achievements in China-South Korea economic and trade cooperation reflect the solid foundation and strong resilience of pragmatic cooperation between the two countries.

"China and South Korea are partners with highly integrated interests and tightly mutually intertwined industrial and supply chains. The trade in intermediate and capital goods between the two countries accounts for 90 percent of the total bilateral trade volume. Enterprises from both countries are expected to explore cooperation potentials in emerging fields such as digital economy, green development, high-end manufacturing, biopharmaceuticals, and artificial intelligence, so as to constantly bring up new growth drivers of cooperation," said Ren Hongbin, chairman of the China Council for the Promotion of International Trade while addressing the meeting.

At the forum, representatives of business circles from both countries engaged in in-depth discussions on deepening supply chain cooperation.

Both sides noted that given the current global economic development environment, it is of great importance for the two sides to jointly promote optimization and upgrading of the industrial and supply chains of the two countries.

China-S Korea economic exchange forum held in Seoul

China-S Korea economic exchange forum held in Seoul

China-S Korea economic exchange forum held in Seoul

China-S Korea economic exchange forum held in Seoul

China's railways carried a total of 337 million tons of freight in May this year, up 2.8 percent year on year, with demand for coal-driven electricity as a driving force behind the movement.

The month saw nearly 71 million tons of freight transported by containers, up 20 percent year on year, according to statistics from China Railway.

According to China Railway, demand for electricity as summer approaches is keeping the railway system at high capacity. To support coal transportation of coal within the country and the export of Xinjiang coal, the average daily loading of coal on railways nationwide remained above 80,000 wagons and 55,000 wagons, respectively.

In international freight transport, China sent a total of 1,724 freight trains to Europe in May, sending 186,000 twenty-foot equivalent units of cargo, up 14 percent and 13 percent respectively year on year, setting a record for transport volume in a single month.

The China-Laos Railway carried 473,000 tons of cargo across the border in the month, up 16.2 percent year-on-year, along with a surge in fruit and vegetables transported to and from Southeast Asia.

China continues to promote its campaign to shift road freight to rail. Ports across the country are improving ship-to-train transshipment solutions with an average of 33,600 wagons transshipped per day, up 15.4 percent year-on-year.

China's freight trains carry 337 million tons in May, with container traffic grows quickly

China's freight trains carry 337 million tons in May, with container traffic grows quickly

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