Chinese Ambassador to Korea: "China's New Deal 8262 Trillion Investment, Opportunity for Korean Companies"

Chinese Ambassador to Korea Xing Haiming (file photo) [Image source=Yonhap News]

[Asia Economy Reporter Changhwan Lee] Xing Haiming, the Chinese Ambassador to Korea, announced on the 10th that China will invest 48.6 trillion yuan (approximately 8,262 trillion won) over the next five years in a China-style New Deal to overcome the shock of the novel coronavirus infection (COVID-19).

Ambassador Xing made this statement during a presentation titled "Prospects for Korea-China Relations after the China Two Sessions" at a webinar (AMB Insights) hosted by the Korea Chamber of Commerce and Industry for foreign ambassadors in Korea.

According to Ambassador Xing, China plans to pour a budget of 48.6 trillion yuan over the next five years, including projects to expand infrastructure in information and communication and advanced technology fields such as 5G mobile communications and artificial intelligence (AI), investing 8 trillion yuan (approximately 1,360 trillion won) this year alone in the New Deal.

He said, "This is an economic plan different from before in terms of investment methods, main actors, and market openness," adding, "It could be a great opportunity for Korean companies, so I hope for much interest."

Additionally, Ambassador Xing stated that if Korea and China make efforts to promote substantial cooperation, President Xi Jinping's visit to Korea will naturally come to fruition.

He said, "The visit of President Xi, which has been promoted since the first half of this year, is under consultation between the two governments," and added, "If an atmosphere is created where both countries strive to promote substantial exchanges and cooperation, it will naturally be realized."

This content was produced with the assistance of AI translation services.