Business executives from China and South Korea expressed their anticipation on Monday for future cooperation between the two countries in renewable energy, cutting-edge technology, supply chain and other fields.
At a forum on enhancing China-South Korea economic exchanges held in Seoul, business leaders and government officials aired their optimism about the prospects of collaboration and looked forward to exploring opportunities for mutual growth and development.
The economic and trade cooperation is the ballast of China-South Korea relations for long, they said.
For the past two decades, China has consistently been South Korea's largest trading partner, while South Korea holds the position of China's third-largest trading partner.
As of March 2024, South Korea had established over 75,000 companies in China, with actual investments exceeding 100 billion U.S. dollars.
Attendees of the meeting from both sides agreed that the achievements in China-South Korea economic and trade cooperation reflect the solid foundation and strong resilience of pragmatic cooperation between the two countries.
"China and South Korea are partners with highly integrated interests and tightly mutually intertwined industrial and supply chains. The trade in intermediate and capital goods between the two countries accounts for 90 percent of the total bilateral trade volume. Enterprises from both countries are expected to explore cooperation potentials in emerging fields such as digital economy, green development, high-end manufacturing, biopharmaceuticals, and artificial intelligence, so as to constantly bring up new growth drivers of cooperation," said Ren Hongbin, chairman of the China Council for the Promotion of International Trade while addressing the meeting.
At the forum, representatives of business circles from both countries engaged in in-depth discussions on deepening supply chain cooperation.
Both sides noted that given the current global economic development environment, it is of great importance for the two sides to jointly promote optimization and upgrading of the industrial and supply chains of the two countries.
China-S Korea economic exchange forum held in Seoul
China-S Korea economic exchange forum held in Seoul
Known primarily for its coal production, the city of Taiyuan in Shanxi Province is undergoing a cultural transformation. As part of China's booming concert economy, Taiyuan is actively seeking to provide unforgettable experiences for music fans.
Local authorities are supporting businesses in capitalizing on the growing demand for immersive concert experiences.
Taiyuan has implemented innovative initiatives. The city offers free public transportation for concert attendees, including bus and subway rides, both during the concert period and for three days before and after the event .
Taiyuan's commitment to creating a vibrant concert atmosphere is evident throughout the city. Giant banners and posters promote upcoming events, while various support activities further enhance the experience.
At a recent concert, a CGTN correspondent witnessed the city's dedication to providing a memorable experience. Each fan was greeted with a personalized souvenir bag filled with local specialties. Additionally, a captivating drone performance delighted the audience, adding an extra layer of excitement to the event.
"We have both also been to several concerts before. But this is the first time we've enjoyed various perks. Some shops are offering free merchandise. There are shuttle buses. The concert ticket also provides free admission to other local attractions. I think it is really nice," a concertgoer said.
"I have attended several concerts in Taiyuan where I have had really great experiences," another concert fan said.
Taiyuan's thoughtful initiatives have not only delighted concertgoers but also stimulated the city's consumer activity.
"From April to September, Taiyuan hosted more than 10 concerts. We could feel the enthusiasm of the fans at each event. There was a noticeable increase in hotel bookings as well," said Ma Shuting, marketing manager of a local hotel.
The concert period has also boosted the street-stall economy. The area around the venue has been transformed into a vibrant marketplace, with hundreds of stalls offering a diverse range of goods and services, from snacks and concert merchandise to beauty treatments.
"Business is doing quite well because there are many people coming from both out of town and locally. The daily revenue is approximately between 2,000 and 3,000 yuan (about 282 to 423 U.S. dollars)," a vendor told CGTN.
To solidify its position as a leading performing arts center in Northern China, the local government has made a significant commitment to fostering the concert economy.
"All 11 government departments in Taiyuan have jointly introduced several measures to support the development of the concert economy. For concert organizers in Taiyuan that meet the criteria, subsidies ranging from 150,000 yuan to 800,000 yuan (about 21,200 to 113,000 U.S. dollars) will be provided. Additionally, the city government has also established a special task force to ensure the smooth running of large-scale concerts," said Liu Rui, deputy director of the Taiyuan Bureau of Culture and Tourism.
The concert economy holds immense potential for economic growth, as demonstrated by the impact of Taylor Swift and Coldplay concerts on Singapore's GDP, which was boosted by around 0.25 percent.
Taiyuan is positioning itself as a major player in the concert industry, with over 30 concerts scheduled for this year alone. These events are expected to attract nearly 800,000 fans and generate tens of billions of yuan in consumer spending.
The city's commitment to the concert economy reflects its proactive pursuit of new growth drivers. This not only boosts consumption in the culture and tourism sector but also contributes to the broader economic transition toward high-quality growth.
Taiyuan's thriving concert economy boosts cultural, tourism growth