When talking about restructuring the Korean Peninsula’s economy, it is important to learn from the complex historical process between conflict and cooperation. In the process, considering how conflicts can hinder economic development and how to resolve such conflicts becomes a key task that will determine the future of the Korean Peninsula. In this process, we need to look at how the conflict process destroys economic and political stability through the cases of China, Taiwan, and Hong Kong.
First, let’s look at the conflict between China and Taiwan. Tensions between these two regions are not limited to simply historical or political issues. Taiwan is showing a strong will to maintain its independence, but China regards Taiwan as a province and is putting strong pressure on it. As a result, Taiwan must bear the economic burden of increased military preparation costs and increased risk of investment in China. This situation is creating psychological anxiety among investors in Taiwan and is becoming a threat to economic growth. In addition, China’s continuous threats are hindering Taiwan’s development and discouraging foreign investment. This decline in trust makes the international community reluctant to engage in economic cooperation with China, which has the negative effect of weakening China’s economic position in the long term. This has similar aspects to the relationship between North and South Korea. South Korea needs an approach that respects North Korea’s system and economic independence, and it is important to build economic and political cooperation rather than conflict. Just as Taiwan values cooperation with the international community, South and North Korea also need to form better relationships through international cooperation.
Meanwhile, Hong Kong is trying to maintain freedom and democracy under China’s unique system of one country, two systems, but instability has increased in recent years as political repression and civil resistance continue. This instability is causing economic decline and has resulted in many Hong Kong wealthy people and companies fleeing their assets abroad. This is weakening Hong Kong’s economic foundation and threatening its position as an international financial hub. This process can be explained as an example showing that unification led by South Korea is preferable to unification led by North Korea. This is the result that occurs when the balance between political freedom and economic stability is lost, and the case of Hong Kong illustrates this well.
These China-Taiwan and Hong Kong cases commonly suggest how a political approach that focuses on repression rather than unity hinders economic growth and political stability. The need for coexistence and cooperation for economic growth and political stability is revealed even more urgently here. If these countries had tried to resolve their problems through mutual respect and dialogue, the economic burden and political chaos resulting from conflict would have been much reduced.
In this situation, what lessons should we learn in reorganizing the Korean Peninsula’s economy? Looking at the cases of China-Taiwan and Hong Kong, North and South Korea on the Korean Peninsula should choose the path of cooperation and coexistence rather than confrontation. Human rights, economic stability, and political peace can only be achieved through dialogue and cooperation, not a repressive approach. In particular, in the process of moving toward becoming an economic community, the Korean Peninsula must respect the different systems and values of South and North Korea and explore the possibility of cooperation as much as possible. When the foundation for such cooperation is established, the economies of North and South Korea will be able to achieve rapid growth, and their status in the international community will rise.
Therefore, the cases of China, Taiwan, and Hong Kong serve as important warnings and guidelines for restructuring the Korean Peninsula economy. It clearly shows how political conflict can hinder economic development, and reminds us that long-term unification must be prepared quickly but implemented gradually to help the development of the entire Korean Peninsula. It emphasizes how important it is for the future of the Korean Peninsula to overcome conflict and build cooperative relationships.
Jaehwa Hong
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