Ministry to support Chinese investment in S. Korea
Updated: 2016-02-02 08:17
By Zhong Nan(China Daily)
|
||||||||
The Ministry of Commerce said it will support more Chinese pharmaceutical, finance, cultural and consumer goods companies to invest in South Korea to extend their business reach to a market with more access to companies from China.
Zhang Yuzhong, deputy director of the ministry's investment promotion agency, said that in comparison with the China-Singapore or China-New Zealand free trade agreements, the China-South Korea FTA has many "advanced articles" in highlighting services and investment.
"As Chinese companies carry out a 'going global' strategy, they can certainly benefit from South Korea's industrial advantages and well-developed service sector to seek new market growth points, as well as the country's strong business ties with the United States, Canada and Brazil," said Zhang.
Last year, Shenzhen-headquartered Anbang Insurance Group Co, China's largest property insurer by assets, invested $1 billion to acquire a 63 percent stake in South Korea's Tongyang Life Insurance Co.
"Even though the shift is still in its early stages, it could have meaningful business implications, since it comes at a critical time when both countries are keen to improve their competitiveness to compete with other economies such as Japan," said Huo Jianguo, former president of the Chinese Academy of International Trade and Economic Cooperation under the ministry.
- Obama pledges $4.2b for computer science education
- Zika a new headache for Olympics prep
- Key players in 2016 US presidential race
- Negotiating political transition in Syria 'possible': Hollande
- At least three killed in light plane crashes in Australia
- BOJ further eases monetary policy, delays inflation target
- International friendship blossoms in peony painting
- Culture Insider: Little New Year
- Global celebrations mark Chinese New Year
- Motorcycles ride home for Spring Festival reunion
- Sharing their wealth: Chinese celebrities and charity
- The world in photos: Jan 25 - 31
- Year of the Monkey arriving in Washington
- Djokovic puts down Federer fightback to reach final
Most Viewed
Editor's Picks
8 highlights about V-day Parade |
Glimpses of Tibet: Plateaus, people and faith |
Chinese entrepreneurs remain optimistic despite economic downfall |
50th anniversary of Tibet autonomous region |
Tianjin explosions: Deaths, destruction and bravery |
Cinemas enjoy strong first half |
Today's Top News
National Art Museum showing 400 puppets in new exhibition
Finest Chinese porcelains expected to fetch over $28 million
Monkey portraits by Chinese ink painting masters
Beijing's movie fans in for new experience
Obama to deliver final State of the Union speech
Shooting rampage at US social services agency leaves 14 dead
Chinese bargain hunters are changing the retail game
Chinese president arrives in Turkey for G20 summit
US Weekly
Geared to go |
The place to be |