(Economic Observation) What does it mean that China and South Korea take the lead in "face-to-face" talks about cooperation?

　　China News Agency, Beijing, August 3 (Reporter Li Xiaoyu) The just-concluded 24th meeting of the China-Korea Joint Economic and Trade Committee is a special meeting during a special period.

　　In particular, this is the first time since the outbreak of the epidemic that China has held an "face-to-face" meeting on an intergovernmental economic and trade cooperation mechanism with a foreign party. Prior to this, both the China-EU investment agreement negotiations, the BRICS Economic and Trade Ministers’ Meeting, and the G20 Leaders’ Special Summit were held in the form of online “screen-to-screen”.

　　Analysts believe that it is necessary and conditions for China and South Korea to choose offline talks.

　　At present, the impact of the new crown pneumonia epidemic on the global industrial chain and supply chain continues, and the recovery of the world economy is still faltering.

　　Considering that the epidemic is likely to coexist with mankind for a long time, it is urgent to find a new method of economic and trade cooperation between countries as soon as possible under the normalization of epidemic prevention and control. This is not only the need to boost economic growth and maintain the security of the industrial chain and supply chain, but also relates to whether it can adapt to the "post-epidemic era" as soon as possible, and whether it can take the lead in the world's great changes and win the initiative.

　　Now, China has achieved major strategic results in fighting the epidemic, and the epidemic in South Korea has also been effectively controlled. The two countries also took the lead in opening a "fast channel" for important business and other personnel exchanges. This has prepared favorable conditions for the two sides to resume offline economic and trade exchanges.

　　During this meeting, China and South Korea reached a series of consensus on economic and trade cooperation. Behind every consensus is full of benefits for the companies of the two countries.

　　For example, the two sides agreed to actively promote the second phase of the China-South Korea Free Trade Agreement negotiations. The China-South Korea Free Trade Agreement has been implemented for more than four years and has brought tangible benefits to enterprises. According to official data, thanks to the free trade agreement, only one province in Shandong will reduce import taxes by as much as 4.4 billion yuan in 2019, benefiting from imports of 63.46 billion yuan, a year-on-year increase of 3.7%.

　　Up to now, there have been six rounds of negotiations on the second phase of the China-South Korea Free Trade Agreement. It is expected that the negotiations will accelerate in the future, and enterprises are also expected to enjoy more policy dividends.

　　In addition, the two sides also agreed to tap more trade areas and potentials, actively organize various economic and trade promotion activities, and build more trade platforms for enterprises of the two countries.

　　China is South Korea's largest trading partner, and South Korea is China's third largest trading partner. However, affected by the epidemic, the trade between the two countries has cooled. According to Chinese statistics, the trade volume between China and South Korea in the first half of this year was 922.71 billion yuan, down 2.6% year-on-year.

　　For a long time, China's exports to South Korea have been mainly electromechanical products, base metal products and chemical products. Analysts believe that the changes in people's life and work patterns under the epidemic have created many new demands. Chinese companies can seize the opportunity to expand new products and find new space for exports to South Korea.

　　In terms of investment, China and South Korea have also proposed new directions for cooperation. The two countries agreed that China is advancing the "new infrastructure" and the South Korean side has also launched the "Korea version of the New Deal". The two are very compatible. The two sides should strengthen docking, jointly promote industrial cooperation to drive trade and investment cooperation in various fields, and cultivate new growth points for economic and trade cooperation between the two countries in the "post-epidemic era".

　　At present, the new infrastructure is attracting more and more foreign companies to "run". Microsoft's Industrial Internet of Things International Accelerator settled in Dalian; Intel promotes the construction of a future science and technology intelligence center in Nanjing; Siemens and the Urumqi government jointly build a new infrastructure innovation base for China-Europe digital industry...Many multinational companies regard new infrastructure as a "golden" Chinese market Rare opportunity. Under this circumstance, China and South Korea will strengthen the connection between the "new infrastructure" and the "Korea version of the New Deal", and enterprises of both countries will have broader development prospects.

　　The head of the Asian Department of the Ministry of Commerce of China said that China and South Korea took the lead in convening face-to-face joint economic and trade committees to promote the gradual restoration of intergovernmental economic and trade exchanges and cooperation, demonstrating China’s determination and will to further expand its opening up under the normalized epidemic prevention and control. The outside world has sent a clear and positive signal that China and South Korea will firmly develop bilateral economic and trade relations, which has an important role model for the restoration and development of regional and even global economic and trade cooperation.

　　Fu Mengzi, vice president of the China Institute of Modern International Relations, said that under the epidemic, it has become an inevitable trend to strengthen regional cooperation. As the world’s second-largest economy, while striving to smooth the domestic industry and business cycle, China is actively engaging in in-depth cooperation with the international community in fighting the epidemic and safeguarding the economy. This will not only help regional economic development, but also contribute to health, safety and harmony. Orderly globalization adds new impetus. (Finish)