International relations between China and South Korea started on the 24th of August 1992, however China and South Korea have had indirect trade since 1975 and the volume of trade has steadily increased since then. On May 28th, 2008 Chinese Premier Wei Jiabao and President Lee agreed to change their “ comprehensive and cooperative partnership “ into one that is “ strategic and cooperative “ in the summit talks held between the two. According to Premier Wen, China and South Korea should speed up the process of establishing a free – trade zone and President Lee’s statement regarding the assistance offered by South Korea to the region in China affected by natural disasters highlights the sincerity of South Korea being a friendly neighbour.
Figure 4: Jia Qinglin (R) and President Lee in agreement
Source:http://www.china.org.cn/international/news/2008-05/29/content_15531006_2.htm
Photo above highlights the partnership between China and South Korea with the handshake being symbolic of the agreement reached between the two countries and henceforth a more unified approach. As of 2009, 600,000 Chinese citizens reside in South Korea signifying the strong relations between China and South Korea as this number accounts for 56.5% of all foreigners in South Korea.
In 2009, South Korea experienced a record high trade surplus as the number of imports declined faster than the exports during the economic downturn, with South Korea’s surplus totalling $40.4 bn USD. In relation to South Korea’s partners China provided the largest amount of trade surplus for the nation with $32.5 bn USD (Agency, 2009)
Source:http://www.china.org.cn/international/news/2008-05/29/content_15531006_2.htm
Photo above highlights the partnership between China and South Korea with the handshake being symbolic of the agreement reached between the two countries and henceforth a more unified approach. As of 2009, 600,000 Chinese citizens reside in South Korea signifying the strong relations between China and South Korea as this number accounts for 56.5% of all foreigners in South Korea.
In 2009, South Korea experienced a record high trade surplus as the number of imports declined faster than the exports during the economic downturn, with South Korea’s surplus totalling $40.4 bn USD. In relation to South Korea’s partners China provided the largest amount of trade surplus for the nation with $32.5 bn USD (Agency, 2009)
The common issues regarding the peace of the Korean peninsula - the peninsula in East Asia extending 1,100 km southwards from continental Asia and surrounded by the Sea of Japan - and the North Korean nuclear programme remain prominent. China supports the non – nuclearisation of the Korean peninsula and the existence of any nuclear weapons along the peninsula. Due to the geographical location of North Korea it holds significance for China and as a result China would suffer a large economic burden from the large amount of refugees. Furthermore the economic relation between South Korea and China and due to the fact that many business rely on parts from South Korea for a war, an outbreak on the peninsula would detrimentally affect China’s producing industry. Much like China, South Korea would also be affected by a war along on the peninsula with the reconstruction and rush of refugees bringing more economic pain than the pain suffered during the war itself. (Lin, 2006)