Korean businesses remain wary of China’s reopening

By : Mahi

Many Korean businesses are unsure about the actual profits that will come from the reopening of the Chinese economy

and are maintaining a conservative stance in business expansion, a recent survey by Korea’s top business lobbying organization showed Thursday.

In a survey of 440 export-focused manufacturers conducted by the Korea Chamber of Commerce and Industry,

54.4 percent of the respondents said the reopening will not have much effect on their businesses,

while 38.2 percent said it will lead to "positive effects." Another 7.2 percent said it will lead to “negative effects.”

Among those who remain uncertain of the effects of the reopening, 54.7 percent said exports to China will not increase much,

34.1 percent were concerned about jumps in prices of raw materials and energy, while 4.5 percent said they were concerned about the resurgence of COVID-19.

More than half of those with an optimistic outlook, 56 percent, listed an increase of exports to China as promising effects of the reopening.

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