S. Korea urges China to refrain from excessive anti-dumping actions

SEOUL, Nov. 23 (Yonhap) -- South Korea urged China Monday to refrain from taking
excessive anti-dumping actions against its petrochemical products, government
officials here said.
In a meeting of the bilateral investment cooperation committee in Beijing, a
South Korean delegation led by Knowledge Economy Minister Choi Kyung-hwan called
on its Chinese counterpart to reconsider implementing restrictive trade measures.
Anti-dumping laws restrict the sale of imported goods at prices below those
charged in a company's home country.
The delegation also highlighted complaints raised by more than 20,000 South
Korean firms operating in China about the country's land use planning and
regulation system, which has been cited for obstructing corporate activity and
investment.
"Representatives raised various outstanding issues brought by local companies
with Chinese policymakers and asked for more consideration and interest," the
ministry said in a statement.
Chinese Commerce Minister Chen Deming represented the Chinese delegation at the
meeting.
The South Korean ministry said China has stepped up anti-dumping measures against
foreign petrochemical goods. Such actions have been cited for preventing local
companies from trading with China and investing in the country.
In 2008, the two-way trade reached US$168.3 billion with South Korean exports
accounting for $91.4 billion. Bilateral investments reached $30.4 billion in the
same year. South Korean companies poured $27.8 billion into China in 2008, while
Chinese business investment topped $2.6 billion.
yonngong@yna.co.kr
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