Chinese Ambassador Dai Bing Says, "Competition Is a Daily Reality for Korean and Chinese Companies Within Cooperation... We Must Recognize That Clearly"

[Financial News] Chinese Ambassador to the Republic of Korea Dai Bing emphasized that in Korea-China economic cooperation, "the common interest relationship of close interdependence, competition within cooperation, and cooperation within competition, where you and I coexist, is becoming the new normal."
At the ceremony on the 2nd, KG Mobility (KGM) and Chery Automobile of China signed a strategic investment agreement worth $75 million (about 109.95 billion won) to strengthen future technology cooperation and partnership. Speaking at the event at Grand Hyatt Seoul in Yongsan-gu, Seoul, Dai said, "Korea-China economic cooperation has shifted from a traditional vertical division of labor to a horizontal cooperation structure."
He added, "I ask business leaders in both countries to recognize this new environment accurately," and "I hope they will actively seize new opportunities."
Dai's remarks appeared to reaffirm that as China's technological capabilities have advanced, economic cooperation between Korea and China has evolved into a more horizontal relationship. They also suggested a direction for companies in both countries as competition has become unavoidable even when they cooperate.
Referring to Korea and China as strategic cooperative partners, Dai said, "President Xi Jinping and President Lee Jae Myung successfully carried out reciprocal visits within a short span of two months, opening a new chapter in Korea-China relations." He added, "As a result, exchanges and cooperation across various fields between the two countries are showing new vitality."
On cooperation in the auto industry between Korea and China, which are locked in fierce competition in the global market, Dai described it as "a very important field." He noted, "Today, the Korean and Chinese auto industries are in competition, but at the same time they show enormous potential for cooperation."
He continued, "Chery Automobile and KGM are building a long-term strategic partnership, pursuing joint research and development, and creating a new model of cooperation through technology exchange and joint market development between auto companies in the two countries." He said this "will become a new model for cooperation in advanced manufacturing between Korea and China and will be significant in promoting the qualitative development of economic and trade cooperation between the two countries."
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