Illustration: Xia Qing/GT

China-South Korea industrial cooperation has long been an important part of the Asian industrial network, consistently drawing attention. According to Korean news agency Yonhap, officials from both countries gathered on Thursday in Yancheng, East China's Jiangsu Province, to discuss strategies aimed at ensuring the stability of their supply chains.

In the face of rising trade protectionism in certain Western countries, new challenges are emerging for global industrial networks. Yet, these external uncertainties have not lessened the potential for deeper China-South Korea cooperation. The complementary nature of their economies offers opportunities for collaboration across a wide range of sectors, from traditional manufacturing and semiconductors to emerging industries like new energy. The key challenge now lies in how both nations can capitalize on these opportunities. Strengthening mutual understanding and communication will be crucial in transforming potential into concrete, long-term and mutually beneficial cooperation.

At the meeting on Thursday, participants from China and South Korea presented their respective countries' supply chain policies and pledged to strengthen cooperation to stabilize the supply chain, aiming to create a more predictable investment environment for businesses in both nations, Yonhap reported. 

Recently, a series of activities have been carried out between China and South Korea to strengthen supply chain cooperation. One notable example took place on Tuesday, during the 2nd China International Supply Chain Expo, when the China-Korea Enterprise Supply Chain Promotion Conference was held in Beijing. These exchanges are valuable in transforming the potential for China-South Korea industrial chain cooperation into tangible business projects and benefits.

Amid the growing wave of external trade protectionism, there is still potential to strengthen and expand industrial chain cooperation between China and South Korea, as supported by data and facts.

First, China and South Korea share a robust economic partnership, characterized by strong trade and investment links. The potential for collaboration in industrial supply chains between the two countries is not only mutually advantageous but also grounded in a long-established framework of economic ties, offering both resilience and promising prospects for the future. 

Second, South Korea is globally recognized for its expertise in advanced technologies and manufacturing, particularly in electronics and automobiles. Meanwhile, China has emerged as an important force in manufacturing and supply chain logistics. Both countries are key players in semiconductor production. South Korean companies could collaborate with Chinese firms to enhance production efficiency.

Finally, high-tech innovation represents a shared area of strategic interest for both nations. China and South Korea are making substantial investments in fields such as artificial intelligence, renewable energy and biotechnology. Collaboration in these sectors has enormous potential to further integrate their industrial chains and accelerate advances in these cutting-edge technologies.

In the current global landscape, marked by rising protectionism in certain Western countries, both China and the broader Asian industrial chain are facing significant pressures. It is understandable that some people in South Korea - an integral part of the Asian industrial network - may have concerns about the future of intra-Asian collaboration and China-South Korea industrial cooperation.

However, it should be noted that with the restructuring of the Asian industrial chain, China is playing an increasingly important role as the ultimate consumer market. Many South Korean companies operating in China are now prioritizing the Chinese domestic market, reducing their reliance on Western markets. This trend, along with other factors, means that despite the rising tide of external trade protectionism, the scope for China-South Korea industrial cooperation remains largely intact.

What is crucial moving forward is to deepen communication and exchanges between the two sides. Amid growing external pressures and uncertainties, it is more important than ever to stabilize and advance bilateral industrial chain cooperation, ensuring that both nations continue to thrive in an evolving global environment. To build a more resilient supply chain, it is hoped that South Korea can work together with China to mitigate risks posed by external pressures and resist, rather than succumb to, external protectionism.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn