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Cosmetics, fashion, and travel-related stocks fell sharply in the domestic stock market today (30th).

Analysts say that the president's chief economic officer said that the boom in exports through China was ending had an impact on the market.



This is reporter Kim Jung-woo's report.



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KOSPI and KOSDAQ fell around 2% today.



80% of all stocks fell, with China-related stocks dropping particularly sharp.



Amorepacific, a representative stock in the cosmetics industry, fell more than 6%, and Shinsegae International and Hotel Shilla, which account for a large portion of Chinese sales in duty-free shops and hotels, fell two to three times more than the decline in the KOSPI.



Short sellers of borrowing stocks also flocked to see that the price would fall further.



An analysis shows that President Choi Sang-mok's remarks yesterday had an impact.



[Sangmok Choi / Chief Economic Officer, President's Office (Yesterday): The era of booming exports through China that we have enjoyed for the past 20 years is coming to an end.

That is why we need a market that is an alternative to China and we need diversification.] It



is interpreted as a remark to help President Yoon Seok-yeol, who is trying to pioneer the European market, focusing on nuclear power and defense industries.



However, it is pointed out that the economic structure entangled with China cannot be cut off at once, but only words are ahead.



Currently, China is our largest economic partner, accounting for 25% of our exports and 23% of our imports.



In particular, there are concerns that an unexpected event like the urea water crisis last year may occur in a situation in which close to 2,000 products are highly reliant on imports of more than 80% from China.



[Joo Won / Head of Hyundai Research Institute: In the long run, I think it will be quite difficult, especially when the economic cooperation relationship is cracked when the Chinese government takes any action.]



Even if we change direction, time It is necessary to prepare carefully while giving the gift, but it is pointed out that drawing a line outright does more harm than good.



(Video coverage: Kim Se-kyung, video editing: Jeong Seong-hoon)