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"Now it's the other way around, we're giving China money...... according to the Global Times, after 31 years, South Korea's trade deficit with China has returned. Analysts believe that as China has achieved self-sufficiency in most raw materials, the demand for imports from South Korea has decreased, and at the same time, China's export trade with South Korea has begun to rise.
This trend is particularly pronounced in the cosmetics industry, where Chinese cosmetics exports to South Korea have grown by 190%.
In the past, Korean cosmetics were once highly sought after in the Chinese market. However, the situation has reversed in recent years. According to CCTV Finance's "Economic Information Network", in the first eight months of 2023, South Korean cosmetics exports to China that were once wildly robbed in the Chinese market have now fallen sharply.
At the same time, the export value of cost-effective Chinese cosmetics to South Korea has soared.
There are several reasons behind this change. On the one hand, China has achieved self-sufficiency in most raw materials, reducing the need for imports from South Korea. On the other hand, Chinese cosmetics brands have won the favor of Korean consumers with their cost-effective and innovative products.
More and more Korean consumers are turning to low- and medium-priced cosmetics to meet their daily makeup needs. With its price advantage and high-quality products, Chinese brands have naturally become the "replacement" of high-priced Korean brands. This not only raises the index of China's exports to South Korea, but also further strengthens the position of Chinese cosmetics brands in the Korean market.
Not only that, but some Korean bloggers are also actively trying and recommending Chinese beauty products and makeup. Some bloggers even said that "you can't do without concealer from China", which shows that Chinese makeup is really popular in South Korea.
Actually, if you look at those reports, they look at the data from the category of cosmetics, and they think that South Korea's exports to China have fallen sharply, but China's exports to South Korea have risen sharply.
However, the real culprit of the decline in South Korea's exports is themselves, and if they want to find responsibility, they can only blame South Korea for not doing a good job.
Since China reopened for overseas travel on January 8, 2023, South Korea has implemented a series of strict entry requirements for Chinese travelers.
These requirements include a 48-hour negative nucleic acid certificate or a 24-hour rapid antigen negative certificate before boarding, a "yellow badge" for Chinese passengers, and an additional nucleic acid test after landing.
If the test result is positive, Chinese travelers will also need to quarantine for 7 days at their own expense. In addition, some Chinese tourists have been locked up in "small black rooms", where they have long waiting times and can only sleep on the floor.
These measures appear to be particularly targeted at China in nearly 200 countries around the world, prompting widespread dissatisfaction and criticism. Many observers point out that these measures have not only affected tourism exchanges between China and South Korea, but also negatively affected cooperation between the two countries in other areas.
Moreover, in addition to the visa issue, there is also the issue of semiconductor chips. More importantly, the issue of South Korea's position is also a cause for concern. On the one hand, South Korea wants to cooperate with China to maximize its interests, and on the other hand, it wants to rely on the United States for more military and international support.
You can't influence the trend of the game between China and the United States, but you can correct your attitude.
It is undeniable that South Korea has significant advantages in technology, chip manufacturing, electronics, cosmetics and other fields, but now they are mired in economic quagmire due to their over-dependence on the United States.
The issue of visas and semiconductor chips is only the tip of the iceberg, and the deeper issue is the positioning of Japan and South Korea in the international political and economic landscape.
On the one hand, they want to enjoy the huge dividends of cooperation with China, but they are worried about provoking the United States; on the other hand, they hope to use the power of the United States to enhance their status and influence in the international community, but they ignore the "plundering of interests" that the United States may cause.
This seemingly shrewd strategy actually puts a shackle on itself that cannot be freed.
In fact, the United States has not given enough substantive help to South Korea's plight.
In April 2023, Mr. Liu Jinsong, Director General of the Department of Asian Affairs of the Ministry of Foreign Affairs of the People's Republic of China, met with Mr. Kang Sang-wook, Minister of the Embassy of the Republic of Korea in China, and made serious representations on the inappropriate statements involving China in the US-ROK Joint Statement, expressing strong dissatisfaction and opposition.
He also stressed his solemn stand on the Taiwan issue and urged the ROK to earnestly abide by the one-China principle.
And in August 2023, South Korean President Yoon Suk-yeol made shocking remarks. He claimed that South Korea's national security had been "fatally shaken," but that after he took office, South Korea's security was ensured by strengthening the South Korea-US alliance.
Yoon also alluded to China, saying that China is only focused on North Korea and ignores South Korean diplomacy.
Suffice it to say, does this president have some misunderstanding of China's foreign policy?
But then again, the result of South Korea's work is also obvious, and the economy continues to decline.
In fact, South Korea's predicament is not unfounded. They had thought about joining the American semiconductor alliance, and the United States did not give them any benefits.
On the contrary, because they quarreled with us, China, the big money owner, the figures of South Korea's foreign trade suddenly changed their face and fell, and even the original advantageous industry, the semiconductor industry, suffered a great setback.
What's worse is that since August 1 this year, China has implemented export controls on the two key raw materials needed to produce semiconductors, gallium and germanium. You know, these two things are indispensable elements in semiconductor manufacturing, and without them, South Korea's semiconductor production would face a serious crisis.
This action has undoubtedly given South Korea's semiconductor industry a head start, causing their competitiveness in the global market to decline significantly.
Therefore, what we have to care about now is not only whether South Korea can survive this economic downturn, but also the bigger problem is that if China makes more and more breakthroughs in semiconductor technology, it will be really difficult for South Korea to have a place at the negotiating table with its meager capital.
Most heartily, China's consumption is an important source of income for the South Korean economy.
South Korea is digging its own grave! China's economic dimensionality reduction has been hit, and as soon as the export data comes out, South Korea can only turn red.
It's too late to regret it now.
South Korea is in a miserable situation, but it is not completely impossible to solve it. In the past, South Korea has achieved rapid economic development with the help of the Chinese market and resources.
But now, South Korea seems to have become a small forward for the United States and Japan to contain China. If South Korea could develop its economy with peace of mind, the situation would be much better.
Here, I would like to remind South Korean citizens that they don't blame China, but blame Yoon Suk-yeol for not being able to carry it. It has been deceived too deeply by the United States, and while praising the United States, which can only move its lips, it is targeting China, which advocates win-win cooperation. Anyone who can do this is either a madman or a fool!
It is no exaggeration to say that the Chinese market and consumers are the backbone of the economy of Japan and South Korea, and without China, Japan and South Korea are nothing.