[Yonhap Photo]
(This column was contributed by Kim Sang-chul, a former supervisor of KOTRA in Beijing and Shanghai.)
Our public opinion seems split as the dispute with China, which has been dragging for more than a year, is going to be resolved. There are political aspects, but economic reasons are bigger. It is quite natural that companies and individuals with heavy dependence on China welcome improved relations. However, it is noteworthy that strong distrust and caution are growing among companies with a certain level of dependence on China. The new perception that the economy should stay cool is a desirable phenomenon.
At this point, we need to take a serious look at our surroundings, starting with an accurate assessment of China. Having the insight to see the true nature of a completely different China is very helpful in determining our position. While trying to equalize with the United States, China is trying to put neighboring countries under its control by taking advantage of its huge market and capital.
China and its people are increasingly holding their heads high. Others may remain friendly temporarily, but they will turn their back in the end. Compared to other countries, our attachment to China is excessive and anachronistic.
Look at other markets, which are different from the past and very dynamic. Our eyes have been kept on China, which has played the role of a firefighter in the global economy during the recession of advanced economies since the financial crisis in 2008. In other words, there were structural pitfalls that could increase reliance on the Chinese market, but now things have changed a lot.
Developed and emerging markets as well oil-producing countries are clearly showing signs of economic recovery. It is no longer necessary to be confined to the Chinese market. Regardless of changes in the political situation, there is a sufficient space to seek our own economic interests.
That's not to say that we should totally ignore the Chinese market. We should greet tourists and sell more if there is something to sell to China. In some cases, it is necessary to establish and expand our business base in China, but we should not do business while enduring humiliation and ignorance.
Over the past 25 years, Korean companies have experienced ups and downs in China. There were many successes, but there were as many frustrations and failures. Looking only at the size of the market, we've blindly trusted locals, even unintentionally mobilizing them. Sometimes, we have suffered damage due to China's unreasonable acts. For us, all of these things are good experiences and lessons. Unswayed by each measure, we must go our way without looking only at the Chinese market.
reporter
Lim Chang-won
cwlim34@ajunews.com
