China's trade deficit problem with the Republic of Korea (ROK) must be solved, visiting Vice Minister of Commerce Wei Jianguo said yesterday.
At a press conference, Wei said by 2002, the total amount of China-ROK bilateral trade was eight times that of the 1992 level, when the two countries set up diplomatic ties. But with the growth of trade between the two countries, the problem of China's deficit has become more serious.
"Only in the first seven months of this year, the bilateral trade figure has hit US$27.5 billion. China imported US$18.3 billion of goods from the ROK, but only exported to Seoul US$9.2 billion of goods," Wei said.
"It's lucky that both the Chinese and the ROK leaders agreed previously that the trade deficit issue must be addressed seriously in the future."
He said during ROK President Roh Moo-hyun's visit to China last month, Chinese President Hu Jintao agreed to push Sino-ROK trade to the US$100 billion mark.
"China's trade deficit problem should be solved based on mutual beneficial, practical and realistic, open, equal and just principals," the vice minister said.
Wei also pointed out the bulwark in the ROK market is the main source of China's trade deficit.
During his meeting with ROK Vice Minister of Commerce, Industry and Energy Kim Qil-doo on Tuesday, the official said the ROK Government will "actively consider" China's stance over the trade deficit problem.
"The issue will be resolved with the development of Sino-ROK economic relations," forecast Wei.
At the press conference, Wei also stressed China and the ROK can strengthen cooperation in the field of technology.
"China and the ROK have distinguished technology in various fields, so they can be mutually complementary," he said..
Wei said China has world leading technology in aeronautics, Internet video frequency, engine parts production, read-write CDs, bio-chemistry and nano fields, while the ROK has first class technology in auto production, ship building and mobile phones.
"So, China and the ROK can learn from each other's strengths to offset their weaknesses," said Wei.
The Chinese official came to Seoul to attend a two-day Sino-ROK Technology Show, which opened yesterday and attracted 39 Chinese companies and about 300 ROK enterprises.
(China Daily August 21, 2003)
