South Korea is pushing for measures to take
advantage of fast-growing demand from China as it is emerging as the world's largest consumption market, Seoul's top economic policymaker said Thursday.
In a meeting with officials from Korean businesses operating in China, Finance Minister Yoon Jeung-hyun also called for more efforts to be made in closely analyzing the Chinese market and enhancing their own competitiveness to stay ahead of rivals.
"The government is seeking measures aimed at advancing into the Chinese market in a bid to actively cope with changes in market conditions there," Yoon was quoted by the finance ministry as saying during the meeting.
"Businesses also need to enhance their own competitiveness there by making thorough market analysis, providing services tailored to need and
targeting local demand," said Yoon, who will participate in ministerial talks with Chinese counterparts in Beijing tomorrow.
The comments come as China is fast emerging as one of the world's largest consumers, providing neighboring countries with an increased source of
Citing industry data, the ministry said in a report that China will likely become the world's largest market by 2020, with its consumption
projected to account for up to 21 percent of the global total. In 2009, the ratio stood at 7.6 percent.
Fast urbanization and rising income levels will also help bolster demand from the world's most populous country, the ministry said.
"It is necessary for us to actively cope with changing situations in China, which is witnessing the emergence of a new consumption market and new
consumer groups," the report said.