(Daily Daegu Gyeongbuk News=Reporter Hwang Ji-hyun) The Gumi Chamber of Commerce and Industry (Chairman: Yoon Jae-ho) conducted a survey on the ‘impact on Gumi businesses following China re-opening*’ targeting 102 manufacturers in the region from February 22nd to March 3rd. conducted an investigation.
* China re-opening refers to the resumption of economic activity in China. After China abolished its high-intensity quarantine policy of ‘Zero Corona’ at the end of last year due to an increase in the vaccination rate for Corona 19 and the development and distribution of treatments, announced the opening.
In response to the question of what impact China’s reopening will have on the Korean economy, 102 responding companies answered that it was helpful overall, with 47.0%, although there are side effects. 33.0% had no effect, 9.0% had great help, 6.0% had very large side effects, and 5.0% had more side effects than helpful.
Also, to the question of what kind of impact you expect China’s re-opening to have on your company’s business performance, such as sales and profits, 63.3% of the respondents answered that there would be no impact, followed by 29.6% positive effect and 7.1 negative effect. As a percentage, most companies predicted that there would be no significant impact.
48.3% of the companies that responded that positive effects would occur in the above question said that the increase in export volume to China was the most expected part, 37.9% of supply chain stabilization by procurement of parts and materials from China, and 6.9% of normalization of operations of Chinese companies. , Logistics disruption mitigation appeared in the order of 6.9%.
On the other hand, for companies that responded that there would be no significant impact or that there would be a negative effect, ‘the effect of increasing exports to China would not be significant’ (44.3%) the most as the reason, and ‘acting as a factor in raising raw material and energy prices’ was the most common reason for this, 40.0%. , the possibility of corona re-proliferation in China was 4.3%, and other 11.4% responded in that order.
As the global business environment changes after COVID-19, 72.4% of respondents answered that they plan to maintain the current level, while 14.3% plan to continue increasing and gradually decrease to the question of what your company’s future plans for business in China are. At 13.3%, there seems to be no significant change.
On the other hand, to the question of what tasks are needed to take advantage of China’s re-opening as an opportunity for Korean companies, 45.5% answered that ‘improvement of Korea-China relations for stable economic activities’ was the most necessary, followed by the US-China. Resolving uncertainties such as conflicts accounted for 33.8%, active marketing 20.8%, resolving difficulties of Korean companies entering China 11.7%, and easing technical barriers to trade (TBT) 9.1%.
Gumi Chamber of Commerce Shim Gyu-gyu Economic Research Team/Corporate Attraction Team Manager held an exchange meeting this month by inviting the presidents of the Chinese Chamber of Commerce in Korea, and dispatched an MWC observer in March. and information sharing, etc., and plans to further expand this.
