Hot Updates and Education Portal: Chinese economic growth

South Korea Seek Ways to......

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"We need to aggressively seek ways to enjoy 
the fruits of Chinese economic growth if it is difficult to directly 
make inroads into Chinese domestic markets," Park said in a meeting with
 members of an advisory committee on economic affairs.President Park Geun-hye said Wednesday that South Korea should seek 
ways to buy stakes in or carry out merger and acquisition deals of 
Chinese companies.<br />
   She also
 said South Korea should change its economic structure to better cope 
with challenges caused by economic changes in China.China is 
pushing to boost domestic consumption in a major transition for the 
world's second-largest economy that has long relied on exports and 
investment for economic growth.South Korea and China signed a free trade agreement 
in June, though the deal has yet to be ratified by the Seoul and Beijing
 legislatures."In a long-term perspective, we should change 
our economic structure in a way that can effectively respond to changes 
in China.""We should make efforts to 
expand our overseas markets through a free trade agreement with China," 
Park said in a meeting with members of an advisory committee on economic
 affairs.China is South Korea's largest trading partner 
with two-way trade volume reaching US$235 billion in 2014. Millions of 
people travel between the two countries annually.Park also 
said South Korea should explore strategies to stay ahead of Chinese 
competition while pursuing measures conducive for mutual economic 
growth, noting China "still presents various opportunities" to South 
Korea.On Tuesday, the International Monetary Fund lowered 
South Korea's economic growth outlook for 2015 to 2.7 percent from an 
earlier 3.1 percent, citing slumping exports and weak domestic 
consumption.In its latest World Economic Outlook report, the 
Washington-based organization said the downgrade stems from the 
weakening of economic activity sparked by negative growth in exports and
 anemic consumption.<br />
   South Korea's exports account for about half of its gross domestic product."There are still many mountains to cross for a new economic takeoff,"
 Park said, referring to internal and external challenges facing South 
Korea.Park voiced confidence South Korea can turn crisis into 
opportunity, citing the "Saemaeul Movement," or new community movement, 
which served as a springboard for South Korea's leap forward.The initiative -- launched by Park's father, then-President Park 
Chung-hee in the 1970s -- is credited with helping modernize the 
then-rural South    Korean economy.