Last year, three out of four foreign recipients of unemployment benefits were Chinese nationals, including those of Korean descent, according to a recent survey. Over the past five years, the total unemployment benefits received amounted to 266 billion won (US$199.70 million), which was 784 billion
China has launched counterattacks against U.S. economic restrictions on the Chinese market. The counterattacks include three measures implemented last month and this month.“As the U.S.-China conflict escalates and China announced legislative initiatives and export control measures to secure economic
On Aug. 9 (local time), the U.S. federal government made a decision to regulate American capital investment in China’s advanced technology sector. This marks an escalation of the economic battle between the U.S. and China, expanding its front from trade and technology to the investment domain. This
Global trade is declining. China, often referred to as the “world's factory,” is experiencing a decrease in exports, while the United States, the world’s largest consumer, is reducing imports. This not only points to a slowdown in the global economy but also serves as a warning of a larger under
The Chinese government has decided to virtually fully permit overseas group travel for its citizens for the first time in over three years since the onset of the COVID-19 pandemic. Consequently, Chinese group tourism to South Korea will resume after more than six years, unlocking the travel restrict
The National Pension Service (NPS) has invested in a remarkably large amount of real estate in the Americas and Europe over the past three years, increasing its portfolio by over 60 percent during that time. During the same period, it increased its total amount of overseas real estate investments by
Hanwha Group has been designated as the 26th global defense company. Its revenue for the past year amounted to US$4.38123 billion (approximately 5.65 trillion won). LIG Nex1 and Korea Aerospace Industries (KAI) have also ascended in the ranks, securing the 52nd and 56th positions, respectively. This
Despite a global rush of major companies reshoring, South Korea uniquely trails its competitors in encouraging businesses to return, with the growth in returning companies remaining slow. Despite recent government efforts to encourage reshoring, assessments indicate that it is still insufficient.Acc
South Korea needs to strengthen its import-export trade with the United States through the Foreign Military Sales (FMS) program in order to become one of the top four global defense export powers, according to a Korea Institute of Industrial Economics and Trade (KIET) report titled “Recent Trends an
Following the implementation of the U.S.’s Inflation Reduction Act (IRA), the target market for Korea-made battery materials is rapidly reorganizing, with anode materials, known as the “heart of the battery,” being representative. From January to July this year, the global export scale of South Kore
Large Korean companies such as Samsung Electronics, SK hynix and Hyundai Motors spent a record amount of money on lobbying in the United States in the first half of this year, according to OpenSecrets, a nonprofit political fund tracking organization. This is due to the fact that not only U.S. compa
During the middle of July, South Korea witnessed a consecutive two-month rise in its foreign exchange reserves, reflecting an increase of US$350 million. This surge can be attributed to the upward valuation of foreign currency assets against the backdrop of a weakened U.S. dollar, particularly again
The rise of Poland as a prominent hub for Eastern European electric vehicle battery and defense industries has positioned it as a strategic focal point for domestic and international corporations. The recent collaboration with Ukraine’s reconstruction efforts has also attracted attention from domest
After their head-to-head competition in a next-generation naval escort ship contract, HD Hyundai Heavy Industries (HHI) and Hanwha Ocean are shifting their focus. There’s keen interest about whether they will work together to win tens of trillions of won of submarine procurement projects.According t
South Korea witnessed a notable decline of 8.2 percent in its per capita Gross Domestic Product (GDP) compared to the previous year, positioning the nation as the third-largest contraction among key global economies.According to data from the Organization for Economic Cooperation and Development (OE
Japanese automaker Toyota has achieved a significant milestone in its history during the second quarter of this year, surpassing 10 trillion yen in revenue for the first time and outpacing the sales of Hyundai Motor Group. However, Toyota’s market share has declined in critical markets such as the U
As global automakers such as Hyundai, Volkswagen, and Ford are establishing new electric vehicle production bases primarily in North America, domestic auto parts and electronics firms are following suit in droves. Even secondary suppliers are concentrating their new investments and employment in the
On Aug. 2, the Korea National Railway announced that it has secured a contract for the “Preliminary Survey for the Construction and Operation of Tajikistan’s Urban Railway” as part of the “2023/24 KSP Policy Consultation Project” managed by the Ministry of Strategy and Finance and implemented by the
Korea’s trade balance posted a surplus for the second consecutive month thanks to a sharp drop in imports, mainly energy imports. Although Korea’s switch to a trade surplus has been accelerated, a rebound in exports, which have continued to decline, remains a challenge for Corporate Korea.According
The market capitalization of conglomerate subsidiaries listed on the KOSPI has shown a sharp increase of approximately 350 trillion won (US$271.21 billion) compared to the beginning of the year. Particularly, 17 companies affiliated with Samsung Group recorded the largest increase, with their combin