China steps up economic retaliation against Korea скачать в хорошем качестве

China steps up economic retaliation against Korea

中 사드 보복에…'무역애로 신고센터' 긴급 설치 China is escalating its economic retaliation against South Korea's decision to host the THAAD missile defense system on its soil. That's given rise to mounting concerns about the impact on the South Korean economy, which is heavily reliant on its Asian neighbor. Kim Min-ji has more. Korea's tourism industry is feeling the blow of China's apparent retaliation for Seoul's deployment of the THAAD battery. A hotel in Seoul's popular Dongdaemun shopping district has seen all of its group reservations by Chinese tourists canceled in recent days,... and hotels in other popular tourist areas have seen their bookings drop off by about 25 to 30 percent. It's a worrying trend, but it may just be the beginning of more pain to come. China ordered travel agencies to stop selling tour packages to Korea beginning March 15th, and Korea's two main carriers have already seen bookings for flights from China decline. Korean Air says its bookings fell 10 percent between March 7th and April 30th,... from a year ago,... while Asiana saw its reservations fall 9-point-4 percent on year,... for the period between March 15th and 31st. Korean companies operating in mainland China are also feeling the impact. Over 50 Lotte Mart stores have been closed,… with officials saying the company failed to comply with fire safety regulations. However, there is speculation Lotte Group is being targeted because it provided the land for the THAAD battery. Local think tank IBK Economic Research Institute says... in the worst case scenario... Korea's losses from the THAAD row could amount to 15 billion U.S. dollars,... pulling the nation's growth rate down by 1-point-0-7 percentage points. The projection is based on the assumption that Korea's exports to China are affected by the retaliatory measures,... and that Seoul loses half of its Chinese tourists. However, some experts say the unofficial sanctions could be temporary,... given that China will not want the impact spreading to its own economy. "It's still early to say, but Chinese authorities are well aware that the sanctions won't be just Korea's problem." The Korean government is reportedly considering reporting China to the WTO, but in the meantime, experts advise that Korea diversify its overseas markets. "Efforts to cultivate markets other than China should accelerate. Korean companies should seek opportunities in emerging economies in Southeast Asia and Latin America,... where the Korean Wave still has the power to draw consumers." The Korea International Trade Association has set up a center to support firms that are facing trouble in light of China's retaliation. Kim Min-ji, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS):   / newsarirang   Homepage: http://www.arirang.com Facebook:   / arirangtv   Twitter:   / arirangworld   Instagram:   / arirangworld