Korea-China Economic Cooperation Forum Held... Discussion on China's 'Dual Circulation Strategy'

[Asia Economy Reporter Dongwoo Lee] The economic sectors of Korea and China will gather in one place to explore economic cooperation measures between the two countries in the post-COVID-19 era.

According to the business community on the 14th, the Korea Chamber of Commerce and Industry will hold the 'Korea-China Global Economic Cooperation Forum' at a hotel near Seoul in mid-next month to discuss the direction of China's 'Dual Circulation Strategy' for next year.

The forum will be held both online and offline simultaneously, with attendance expected from economic experts and practitioners from both countries, including Jin Yenguang, Deputy Ambassador of China to Korea, academia, institutions, and companies.

In the main sessions, the 14th Five-Year Plan (2021?2025), which presents China's economic policy for the coming year, will be introduced, and strategies for Korean companies to enter large-scale social overhead capital (SOC) development projects will be explored accordingly.

Last month, the Central Committee of the Communist Party of China reviewed the 14th Five-Year Economic Development Plan and unanimously passed the so-called 'Dual Circulation Strategy' and the long-term development plan through 2035. China's Dual Circulation Strategy is a plan to maintain global economic circulation while maximizing domestic demand potential to create a new development structure.

With large-scale order activations expected in China, in-depth discussions will be held on entry strategies for Korean companies and the development of digital untact industries between the two countries. Additionally, opportunities for Korean companies will be identified in the changing Chinese consumer trends, and joint entry models into third countries will be explored.

A representative from the Korea Chamber of Commerce and Industry said, "This event is being held to find possibilities for synergy creation in cooperation agendas and promising industries between the two countries amid the weakening of multilateral economic cooperation due to the recent rise of protectionism."