Skip to Content Facebook Feature Image

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

Next Article

Cargo throughput surges as China's ports streamline customs clearance

2024-07-20 07:14 Last Updated At:08:27

China's border ports have been implementing a range of cargo facilitation policies, leading to a surge in cargo throughput, with a nearly 57 percent year-on-year increase in the inspection of transportation vehicles in the first half of 2024.

According to the data recently released by the National Immigration Administration, China's ports inspected about 15.42 million vehicle, vessel, and train trips in the first six months of this year, a 56.9 percent jump from the same period last year.

The border ports have rolled out a series of measures to streamline customs clearance for cargo. At major land ports, fast lanes have been set up for the rapid release of critical supplies. At major seaports, online declaration has been enabled for border inspection boarding. In international shipping, arriving vessels can have much faster departures thanks to the efficient inspections.

The combined sea-rail transport model, utilizing maritime routes and the China-Europe freight train service, has made the port of Lianyungang in east China's Jiangsu Province one of the most convenient and economical gateways to the sea. It handles more than 80 percent of Kazakhstan's transit cargo to China.

At the port, containers carrying with auto parts, home appliances, and other products are offloaded, hoisted onto trucks, and then loaded onto China-Europe freight trains bound for destinations like Kazakhstan and Uzbekistan.

"From unloading to boarding the freight train, the entire process can now be completed in as little as eight minutes. These containers are expected to reach the border ports within six days, greatly reducing transportation time and cost," said a logistics company employee.

The Youyi Pass in the southern Guangxi Zhuang Autonomous Region, also known as Friendship Pass, on the China-Vietnam border is an important cross-national trade channel. To enhance the clearance efficiency of imported fruits, the port has established "durian-only" channels and green channels for agricultural products, as well as an intelligent inspection assistance system. A Chinese cargo truck can now clear customs in just 15 seconds.

As the country's largest land port for fruit imports and exports, the Youyi Pass saw fruit imports worth 23.92 billion yuan (about 3.3 billion U.S. dollars) in 2023, a 262.9-percent surge year on year.

Pattama Narmwong, chairman of the Thai Mangosteen Association, noted that the greatly improved clearance efficiency has considerably cut down on transportation time and costs, supporting the burgeoning development of fruit trade between China and Southeast Asian nations.

Cargo throughput surges as China's ports streamline customs clearance

Cargo throughput surges as China's ports streamline customs clearance

Recommended Articles