[Asia Economy Honam Reporting Headquarters Reporter Jin-Hyung Park] The Korea International Trade Association Gwangju-Jeonnam Headquarters and Jeonnam Technopark held a CEO forum on the 19th at the Sono Calm Hotel in Yeosu under the theme "US-China Strategic Competition and China's Great Transformation: Implications for Our Companies."
Since 2020, trade forums have been held in Yeosu to provide networking opportunities among companies located in the eastern region of Jeonnam. About 80 businesspeople attended this forum.
Professor Hee-Ok Lee of the Department of Political Science and International Relations at Sungkyunkwan University, who spoke as a lecturer, explained, "The world is now facing an era of vacancy caused by the COVID-19 pandemic," adding, "The pandemic is disrupting the existing order, and the new order remains in chaos." Professor Lee analyzed, "In this context, the relationship between the US and China is showing a form of long-term 'strategic competition,' making it difficult to find a new breakthrough for the time being."
He explained that China is accelerating industrial changes amid these trends.
He said, "China aims to overcome Western containment to the greatest extent possible by revitalizing its domestic economy and combining manufacturing with future industries," adding, "The supply chain within China is being distorted due to the Ukraine crisis, and with Xi Jinping's administration, China is implementing antitrust and corporate activity regulations, which are shrinking the business environment. Additionally, policies to resolve widespread social disparities are being enforced, so companies must fully consider these factors when formulating their market entry strategies."
In particular, he explained, "Sectors such as agriculture, manufacturing-based new technologies, and aerospace, which the Chinese government is focusing on and where Korea has competitiveness, have a bright long-term prospect for market entry. On the other hand, sectors like private education, healthcare, and entertainment face intensive Chinese regulations, so a cautious approach is necessary."
Lee Kwon-jae, head of the Korea International Trade Association Gwangju-Jeonnam Headquarters, said, "The US-China hegemonic conflict is not limited to the two countries but is a complex issue involving major countries surrounding them," adding, "I hope this forum will serve as a foundation for our export companies to establish new business strategies amid the rapidly changing US-China relations."
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