Enterprises from the Republic of Korea (ROK) and China have coordinated and collaborated in the industrial and supply chains, continuously injecting impetus into regional sustainable development, and epitomizing an important microcosm of cooperation in the Asia-Pacific region.
Han Jang Ho runs a small and medium-sized enterprise in Gyeonggi Province, the ROK. The enterprise mainly produces components such as backlight display modules, light guide plates, and optical materials for televisions that are exported to Europe and the United States. Mr. Han said that almost all the raw materials the company needs come from China, and it has been cooperating with many Chinese suppliers for more than fifteen years.
"In terms of quality, the average defect rate of the raw materials we purchase [from Chinese enterprises] is less than 1 percent after one month of testing. We are very satisfied with this. Now we are collaborating with Chinese enterprises and our company can grow and develop together in such an environment," said Han, general manager of the Korean company.
In 2024, trade between China and the ROK grew to over 328.08 billion U.S. dollars, up 5.6 percent year on year. China remained the ROK's largest trading partner for 21 consecutive years, while the ROK rose to become China's second-largest trading partner.
The industrial and supply chains of the two countries are deeply integrated. Reports from the Export-Import Bank of Korea and the Korea Institute for Industrial Economics and Trade show that China and the ROK have formed a high degree of complementarity in key industrial chain links such as semiconductors and batteries. Some core raw materials in the ROK still mainly rely on imports from China, while Chinese enterprises are also continuously expanding the fields of high-end manufacturing and technological innovation in cooperation with the ROK side.
"China's science and technology have achieved considerable development, especially in fields such as robotics, where it possesses world-class technological strength. The ROK and China are very important economic partners. Although there are more competitive factors nowadays, there are still many areas where they can cooperate with each other. Only in this way can we promote a future-oriented and sustainable world that we pursue," said Kang Jun Young, head of the Research Center for International Area Studies under the Hankuk University of Foreign Studies.
Since the China-South Korea Free Trade Agreement came into effect in 2015, trade between the two countries has continued to grow, driving a significant expansion of investment and industrial cooperation. As of September 2024, nearly 29,000 enterprises from the ROK have entered the Chinese market, according to data from the Export-Import Bank of Korea.
Korean and Chinese firms deepen cooperation in industrial, supply chains
Chinese Foreign Minister Wang Yi said on Tuesday that mediation efforts of the Pakistani side regarding the Middle East tensions are in the common interests of all parties.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in his talks with Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar in Beijing.
During their talks, the two sides exchanged views on current international issues and regional conflicts.
Wang welcomed the visit of the Pakistani side to Beijing for discussion on easing tensions in the Middle East, just after its holding of a quadrilateral foreign ministers' meeting in Islamabad.
He said China supports and looks forward to Pakistan playing a unique and important role in easing the situation and resuming peace talks. This process is no easy task, and Pakistan's mediation efforts are in line with the common interests of all parties, Wang added.
He noted China is willing to make joint efforts with Pakistan to end the hostilities as soon as possible, create opportunities for peace and open the window for peace talks.
On bilateral ties, Wang said this year marks the 75th anniversary of the establishment of diplomatic relations between China and Pakistan, calling on both sides to implement the important consensus reached by the leaders of the two countries and constantly advance the building of a China-Pakistan community with a shared future.
For his part, Dar said the Pakistan-China friendship is precious and deeply rooted in people's hearts, adding that Pakistan is willing to work with China to promote the continuous development of the all-weather strategic cooperative partnership between the two countries.
Dar thanked China for supporting Pakistan's mediation of the situation in Iran, adding that the current conflict has disrupted international energy supplies and caused heavy damage to developing countries.
Noting that solutions can only be found through negotiation, Dar said Pakistan is willing to strengthen communication and coordination with China to push all parties to start peace talks as soon as possible and restore regional peace.
The two sides also put forward a five-point initiative for restoring peace and stability in the Gulf and the Middle East region:
I. Immediate cessation of hostilities: China and Pakistan call for immediate cessation of hostilities and utmost efforts to prevent the conflict from spreading. Humanitarian assistance must be allowed to all war-affected areas.
II. Start of peace talks as soon as possible. Sovereignty, territorial integrity, national independence and security of Iran and the Gulf states should be safeguarded. Dialogue and diplomacy is the only viable option to resolve conflicts. China and Pakistan support the relevant parties in initiating talks, with all parties committing to peaceful resolution of disputes, and refraining from the use or the threat of use of force during peace talks.
III. Security of nonmilitary targets. The principle of protecting civilians in military conflict should be observed. China and Pakistan call on parties to the conflict to immediately stop attacks on civilians and nonmilitary targets, and fully adhere to International Humanitarian Law, and stop attacking important infrastructure, including energy, desalination and power facilities, and peaceful nuclear infrastructure, such as nuclear power plants.
IV. Security of shipping lanes. The Strait of Hormuz, together with its adjacent waters, is an important global shipping route for goods and energy. China and Pakistan call on the parties to protect the security of ships and crew members stranded in the Strait of Hormuz, allow the early and safe passage of civilian and commercial ships, and restore normal passage through the Strait as soon as possible.
V. Primacy of the United Nations Charter. China and Pakistan call for efforts to practice true multilateralism, to jointly strengthen the primacy of the United Nations, and to support the conclusion of an agreement for establishing a comprehensive peace framework and realizing lasting peace based on the purposes and principles of the UN Charter and international law.
Pakistan's mediation efforts in common interests of all parties: Chinese FM
Pakistan's mediation efforts in common interests of all parties: Chinese FM
