Professor Cheong analyzed that the world is facing a great transformation completely different from the past, and diagnosed the 4th industrial revolution would have an imminent impact. He also explained the 2008 global financial crisis as a moment of reversal in U.S.-China relations. China's foreign exchange reserves began to soar in 2008 and ownership of most foreign companies in the country was handed over to China around the time. China also began visible efforts to internationalize the renminbi in 2009 and this prompted the beginning of the U.S.-China conflict, Professor Cheong added.

Professor Cheong predicted that the economic conflict between the U.S. and China would continue for a considerable period of time. He argued that China’s strength lies in its ability to build on past experiences and continue to evolve, enabling the country to survive in the rapidly changing domestic and international environment. Professor Cheong also stressed it would be essential for Korea to retain its strengths to maintain constructive cooperation relations with China.

- Topic: Evaluation of China's Future and Korea's Direction from an Economic Developmental Perspective

- Date: July 30, 13:30‒16:00

- Venue: KIEP Conference Room

- Contact: Jin Hee Hong, Senior Researcher, Chinese Economy and Trade Team (T. 044-414-1243)