Ministry of Commerce

Fast growth in trade between China and South Korea demonstrated resilience and potential of bilateral trade and economic cooperation, Ministry of Commerce spokesperson Shu Jueting said at a press conference on Thursday, when commenting a 10.2-percent year-on-year growth recorded in the first five months of 2022.

Bilateral trade between China and South Korea reached $152.26 billion during the January-May period, with a growth rate that showed resilience and potential amid weak global economic recovery, Shu said, noting that the fast foreign trade growth meets the common interests and developmental needs of the two countries.

Shu's comments was made in regard to estimates by some media outlets that whole-year foreign trade between China and South Korea may hit a new record, after the Regional Comprehensive Economic Partnership (RCEP) taking effect this year.

Shu noted the implementation of RCEP offers greater room for deepening trade, and China is willing to work with South Korea to further facilitate trade and investment, focus on green development and digital economy and implement RCEP free trade deal in a high-quality manner.

In 2021, bilateral trade reached $360 billion, 72 times of the figure in 1992, when diplomatic ties were established between the two countries.

The global economy will grew by 2.9 percent in 2022, according to World Bank's latest projection, down from January's 4.1 percent.

Under the RCEP, South Korea will reduce tariffs for Chinese apparel and ceramics. China will gradually reduce tariffs on South Korean textile products and stainless steel to zero and partially remove tariffs for power generators and auto parts made in South Korea.

According to a report by the Korea Institute for International Economic Policy, the RCEP pact can aid Korea's real gross domestic product growth by 0.14 percent over the next 20 years.