[Source]

✅ YouTube Channel: YTN News

✅ Published: November 9, 2012

✅ Source Link: https://n.news.naver.com/mnews/article/052/0000431752  

【 Anchor's Commentary 】 The leadership of Xi Jinping is expected to shift China's economic policy from an export-driven focus to stimulating domestic demand. How the relationship between economic giants like the U.S. and China unfolds will significantly impact our economy. Reporter Lee Man-soo explores whether there’s a path forward for our businesses in the Xi Jinping era. 【 Report 】 This company in Hwaseong, Gyeonggi Province, produces titanium parts. Despite the recent economic downturn, Korean exports to China have sharply declined, but this company continues to receive inquiries from Chinese buyers. The secret to their success? Advanced technology that is ahead of its time. Until now, titanium was mainly processed manually, but this company has succeeded in mass production. [Interview: Park Ji-hwan, MTIG Technology Director] "We have overcome the disadvantages of competing products and can offer our products at much lower prices in the Chinese market, which makes us competitive." Experts suggest that in the era of Xi Jinping, our businesses can compete with China’s advancing industrial sector by leveraging technological innovations like this. In reality, while China has seen the rise of skyscrapers in its cities, rural poverty has worsened, and with the global economic slowdown, growth rates have plummeted. [Interview: Representative of a Chinese Garment Manufacturer] "Orders have dropped significantly across the board, from domestic sales to exports." As a result, many experts believe that China will shift from a rapid growth phase (around 10%) to a more stable growth phase (around 8%), focusing more on domestic demand. This shift means that China will likely start producing its own industrial parts, semiconductors, and other machinery, instead of importing them, and will expand its consumer goods market. 64.8% of Korea’s exports to China consist of raw materials and intermediate goods, while only 34% are aimed at the domestic Chinese market. Thus, strengthening technological competitiveness, exploring new markets, and diversifying export products specifically for China's domestic consumption are seen as solutions. [Interview: Han Jae-jin, Hyundai Economic Research Institute] "China has many different ethnic groups and strong regional characteristics, so instead of focusing only on major cities like Beijing or Shanghai, it would be smart to target products that cater to these regional differences." The relationship between the re-elected Obama administration and Xi Jinping’s leadership remains a critical factor. Experts agree that whether trade friction worsens or new frameworks for cooperation are established will have significant implications for our economy. YTN, Lee Man-soo reporting.