5th China-Japan-South Korea Business Conference kicks off

(ECNS) -- The 5th China-Japan-South Korea Business Conference kicked off in Shaoxing City, east China’s Zhejiang Province on Wednesday.

Nearly 400 business representatives from the three countries gathered in Shaoxing to explore how to deepen cooperation and seek common development under the new opportunities brought by the Regional Comprehensive Economic Partnership (RCEP).

A number of deals were signed during the conference, including the Shaoxing China-Japan-Korea semiconductor material equipment production base, the smart glove machine industrialization, and Longyun semiconductor equipment projects.

China is the largest trading partner of Japan and South Korea. The total trade volume between China and Japan reached $371.4 billion in 2021, a year-on-year increase of 17.1 percent; the total trade volume between China and South Korea hit $362.35 billion in the same year, a year-on-year increase of 26.9 percent, said Yu Jianlong, secretary-general of the China Council for the Promotion of International Trade.

China, Japan and South Korea account for more than 82 percent of the total economic volume in RCEP countries. The three countries can seize the opportunity and work together to deepen the mutually beneficial cooperation under the RCEP framework, Yu added.