Back

New Business Models to Result from Korea-China FTA

November 08, 2014

Prof. Li Haitao, Dean's Distinguished Chair Professor of Finance and Associate Dean of MBA Program at CKGSB, participated in the 2014 China Forum in Seoul, Korea, where he talked about the new wave of entrepreneurs who have been motivated by Alibaba’s success story. These businessmen, he said, will transform the Chinese economy, with an improved trade situation between Korea and China another beneficial consequence.

At the 2014 China Forum’s session held in Seoul on November 7 under the theme of ‘Trade: Economic Effects and Win-Win Strategy of a Korea-China FTA’, trade experts from both countries agreed that a “new phase in the two countries’ economic cooperation starts with the Korea-China FTA.”

Prof. Li Haitao, Dean’s Distinguished Chair Professor of Finance and Associate Dean of MBA Program at CKGSB, said, “If the Korea-China FTA concludes smoothly, active exchanges including trading and economic cooperation is expected, and new stimuli and opportunities will be provided to companies in both countries. New business models are expected, especially given improving internet technology. Until now, Chinese economic development has been driven by the government and SOEs, but from now on, young elites are increasingly enthusiastic about starting their own businesses, having been motivated by Alibaba’s success story. These businessmen will transform China’s economy. Furthermore, during the process of Chinese economic reform, the problem of the trade imbalance between Korea and China will be solved naturally.”

Meanwhile, Jeong-Oh Ham, Vice President of KOTRA [Korea Trade-Investment Promotion Agency] said, “Like Alibaba, which has become a global company, or Xiaomi, which has outstripped Samsung Electronics in the Chinese market, the growth acceleration of private Chinese firms has been tremendous. In this situation, active cooperation with local Chinese firms is highly encouraged for Korean small and medium-sized businesses.”

Read http://www.hankookilbo.com/v/ac22d088b00e4b31b8cf87919b7221b8 on the Hankook Ilbo website.

Understand China from the Inside

Subscribe to our monthly newsletter today!

Understand China from the Inside

Subscribe to our monthly newsletter today!