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China’s reopening fuels optimism in South Korea


South Korea's Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho has urged all related ministries to pay special attention to China's reopening, which is likely to result in Korean businesses' export expansion. China's reopening is fueling optimism in Seoul that sluggish Korean exports will bounce back and possibly offer a breakthrough for the country's trade-reliant economy, which has been struggling with slowed growth. Choo’s remarks came as the country struggles with a triple whammy of high inflation, high-interest rates, and a high currency exchange rate amid global economic risks, including a year-long war in Ukraine and years of China's COVID lockdowns. Exports, one of the two engines of Korea's economy along with private spending, saw a steep decline on weak demand for semiconductors and other key sales items.

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