Chinese president's South Korea trip expected to advance FTA talks
Updated: 2014-07-03 16:03
(Xinhua)
|
|||||||||||
South Korean banks have witnessed a large amount of yuan deposits since the second half of last year, with the total volume reaching $11.3 billion at the end of May, up as much as 70 percent compared with the beginning of the year.
South Korea expressed its intent in April to build up yuan offshore trading markets. With the increasing internationalization of the Chinese currency and the deepening of the bilateral financial cooperation, the yuan fervor in South Korea will continue.
The central bank of South Korea has earned the status as a qualified foreign institutional investor, allowing it to invest in stocks and bonds traded on China's financial markets.
The bank earned an expanded quota for its investment in China's stocks markets. It was permitted to invest an additional $300 million in yuan-denominated assets.
China and South Korea have also been exploring ways to strengthen cooperation in new energy and green industry, which will have a positive influence on the long-term, stable and sustainable development of the two countries' economies.
On another level of cooperation, China and South Korea can learn from each other's development experiences.
Some South Korean experts have advised China to draw experiences from their own country in overcoming the middle income trap, which is a major challenge on the road of China's development.
South Korea successfully escaped the middle income trap by carrying out profound market reforms and developing knowledge economy, the experts said.
During his two-day stay, Xi will meet with South Korean President Park Geun-hye, National Assembly Speaker Chung Ui-hwa and Prime Minister Chung Hong-won. He will also address economic and trade events.
China and South Korea are also expected to release a joint statement and sign a number of cooperation documents covering economy and trade, finance, environment and consular affairs.
Related Stories
TPP can go on without China: ICC 2014-05-13 16:29
South Korea eyes China's financial market 2014-04-07 09:04
Three Asian partners reshape their ties 2014-03-28 10:14
Tencent invests in South Korea's CJ Games 2014-03-26 21:09
S Korea, China see gaps on goods liberalization at FTA talks 2014-03-21 10:48
Today's Top News
Gambling costs World Cup fans their lives
US supports Ukraine's decision to suspend ceasefire
It's all about making a spectacle
China likely to see 7.5% growth in second quarter
Palace Museum feeling the squeeze of visitors
Myanmar pagoda replica given to China
US sends 300 more troops to Iraq over concerns
Hong Kong at the crossroads
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
China helps fight international war on drugs |
Crackdown on terrorist attacks |
My China Story: Meeting the master |
Long march to end employment bias |
Variety is the spice of academic life |
Documents prove the truth can't be buried |