Korean media: South Korean companies are helpless in the face of "Chinese speed"!
On October 21, Korean media Edaily published an article stating that there are 62 South Korean companies on the list of the world's top 2000 enterprises. In fact, since 2015, this number has decreased from 66 to 62 over the past decade.
At the same time, the number of Chinese companies has surged by 52.7%, increasing from 180 to 275. This is the result of a surge in "new strong players" across various industries in China, which have relatively short histories but have developed rapidly. South Korean companies are helpless in the face of "Chinese speed".
An analysis by the Korea Chamber of Commerce and Industry of statistics from the American business magazine Forbes shows that over the past 10 years, the number of Chinese companies on the list of the world's top 2000 enterprises has increased by 52.7%, rising from 180 in 2015 to 275 this year. The growth rate of Chinese enterprises is faster than that of the United States (from 575 to 612, an increase of 6.5%) and South Korea (from 66 to 62, a decrease of 6.1%). In contrast, the number of companies that can establish global recognition in South Korea is decreasing.
Meanwhile, the total sales of Chinese companies in the world's top 2000 enterprises have soared by 95% over the past 10 years, increasing from 4 trillion US dollars to 7.8 trillion US dollars, far exceeding that of the United States (63%) and South Korea (15%). This growth rate of sales, or the speed of corporate growth, can be understood as being 6.3 times that of South Korea.
A large number of Chinese enterprises have emerged, including leading companies in high technology, information technology, and all walks of life. Alibaba, founded in 1999, is a typical example. This year, Alibaba's sales have grown by 1188% compared to 2015, and its market value has now entered the top 20 globally, comparable to Samsung Electronics. Over the past decade, companies such as BYD (1098%), Tencent Holdings (671%), and BOE Technology (393%) have also achieved significant sales growth. Both BYD (founded in 1995) and Tencent (founded in 1998) were established at the end of the 1990s.
Even during the 2010s, China was still the largest export market for South Korean display companies. However, within a decade, the situation has reversed. In 2013, the trade volume between South Korea and China in displays exceeded 20 billion US dollars, but it is now less than 5 billion US dollars. After surpassing South Korea in the LCD market, Chinese enterprises are also rapidly catching up in the OLED market.
At the same time, not only has the number of South Korean companies on the list of the world's top 2000 enterprises decreased, but the newly added enterprises are financial companies that focus on domestic business rather than overseas operations. A senior business person said: "The 'advanced manufacturing speed battle' once known as the hallmark of South Korea is now completely surpassed by China. This is a historic major crisis."
Original text: www.toutiao.com/article/1846556052229187/
Statement: This article represents the views of the author.