China to Overtake Korea in Tech Power in 3 Years - Survey
Nearly seven out of 10 Korean companies doing business with China think that China will overtake Korea in technological power in three years. That's according to a survey of 390 companies on the potential effects on Korean industry of a free trade agreement with China released by the Korea International Trade Association on Monday.
Some 68.2 percent of respondents said that it would take less than three years for China to pull ahead of Korea in terms of technological power. Some 15.1 percent said it would take less than one year and 51.7 percent said between one to three years. Some 1.4 percent said that China has already overtaken Korea.
The survey also found that 74.6 percent of respondents are favorable to a Korea-China FTA. But only 14.2 percent believed that an FTA would contribute to increasing exports to China, while a whopping 55.4 percent said it would greatly increase imports rather than exports.
As for the timing of a trade pact with China, the majority said that it would be better to delay it as long as possible, with 76.4 percent saying the government should spend more than three years to prepare for it.