Economic Relations between Korea and China - Essay Example

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Economic Relations between Korea and China

For centuries, China stood as a leading country, easily outpacing other countries in the arts and sciences. In the 19th century and early 20th centuries, however, China was overwhelmed by civil unrest, major famines, military defeats, and foreign occupation. It seemed like China would never catch up with the Western developed countries economically, but after the 1978 reform period, Deng Xiaoping, a hero of China, focused on market-oriented economic development and by 2000 output had quadrupled.There is no doubt that China has had tremendous effect on Korea economically, politically and culturally since early days of Korea due to proximity and Korean speaking ethic minorities living in China. We must not fail to indicate here that Korea here refers to both North and South Korea. Both of these republics have trade relations with China. South Korea and China normalized diplomatic and economic relations in 1992 and North Korea did so round about the same time.Although the relationship between Korea and China had ceased during the Cold War, the reestablishment of diplomatic relations had led to a surprisingly rapid growth of bilateral exchanges. Statistics show that Korean Foreign Direct Investment (FDI) to China has increased at very fast rate and continuous to increase as China has become the second most viable destination for investment after the United States. The development of economic relations between South Korea and China over the past decade has been dramatic ...Show more

Summary

For centuries, China stood as a leading country, easily outpacing other countries in the arts and sciences. In the 19th century and early 20th centuries, however, China was overwhelmed by civil unrest, major famines, military defeats, and foreign occupation…
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