Park Geun-hye's China visit brings hope
- By Ji Mingkui
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E-mail China.org.cn, June 28, 2013
South Korea is the U.S. largest ally within Asia and one of its closest worldwide. The nation's frequent war drills are widely thought to have invited Chinese suspicion, yet South Korea has always reiterated that its military exercises with the U.S. do not target China, adding that the drills were defensive in nature and China had been notified in advance.
South Korea does not wish for any tension and has been trying to eliminate any such possible misunderstandings.
Enhancing exchange for better cooperation
The U.S. Federal Reserve's quantitative easing (QE) has distorted the market and ultimately made a negative impact. Chinese and South Korean governments have both aired their concern about QE on more than one occasion, including at the G20 Finance Ministers and Central Bank Governors' Meeting.
South Korea's economic growth relies for 50 percent on export, but recently sustained huge losses due to the U.S. dollar's manipulated depreciation. Therefore, South Korea actively seeks a direct currency swap with China, a country which has experienced mishaps in QE, to eventually bypass the U.S. dollar in international settlements.
China is embarking on a structural economic reform in a bid to upgrade its industry from low-end processing to a high-end, knowledge-based economy, whereas South Korea similarly put forward the notions of "innovative economy" and "piloting economy" in an attempt to revitalize national economy.
Information technology, information integration, shipbuilding, deep-water platforms and space engineering are all sectors in which the two countries can cooperate based on their technology deposits
On a nongovernmental level, there have been some hiccups. Polls conducted in both countries to survey the one country's popularity in the other showed pessimistic results, but even that failed to shake their rapport.
South Korea and China do not have any fundamental conflicts; instead, they share ample mutual interests in various fields. A strengthened relationship between South Korea and China will benefit both countries and Park Geun-hye's China visit can make that happen.
The author is a professor with PLA National Defence University.
This article was first published in Chinese and translated by Chen Boyuan.
Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.
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