Companies expect growth in trade between China and South Korea

Almaty. November 3. Silkroadnews - Companies expect growth in trade between China and South Korea, Xinhua news agency reported.
“Companies expect booming trade between China and the Republic of Korea (ROK) ahead of the upcoming annual East Asia Summit in mid-November, which sets to promote regional cooperation,” the report said.
It is noted, there are more than 5,000 companies operating in the East China province of Shandong and funded by South Korea.
Wang Chao, a sales manager of Weihai ShinHan Precision Co. Ltd, said that sales fell by as much as 50% in the first half. ShinHan produces automobile parts for KIA vehicles and has been working in China for more than 15 years.
Wen Xue, manager of the Qingdao Cable Plant, based in Busan, said that their company was not experiencing sales problems, though the problems with imports are still there.
“Most of my colleagues and I are not pessimistic about the prospects because economic ties between the two countries were very close before, and there is a heavy dependence on Chinese products in the ROK,” he is quoted saying.
This year, sales of South Korean firm Ceragem Cosmetics also declined.
From January to September Imports of cosmetics to China amounted to 9.5 million yuan ($1.4 million), which is 20% less than last year, said Yin Chunshi, the company’s manager.
"There was a period when consumers really liked Korean cosmetics. I hope that Korean brands will continue to win the hearts of Chinese buyers, "she said.
According to Zhang Weiguo, director of the Shandong Academy of Social Sciences, “It is in the interest of people in both countries to give a boost to trade. The calls from the public show we need to look forward and make steady progress, and to help companies and the economy grow.”