South Korean officials say China's rapid development has created a strong sense of urgency, expressing concern that South Korea's advantage in semiconductors may be surpassed.

South Korean Official: "China's development speed is beyond imagination, giving me a strong sense of urgency..."

Source: Global Times News Media

According to Bloomberg News, on June 6, South Korea's Minister of Industry and Trade Kim Jeong-gwan, speaking at the Gwanghun Club Forum in South Korea, mentioned China, stating, "What worries me most is China. China's pace of development is beyond imagination, which is precisely why I feel such a strong sense of urgency."

Kim Jeong-gwan also said that as China pours unprecedented resources into chip manufacturing and global technological competition intensifies, unless the South Korean government helps domestic chip manufacturers accelerate investment, South Korea may lose its advantage in the semiconductor sector.

According to reports, Kim Jeong-gwan noted that by the end of this century, the global memory chip market is expected to expand to approximately $1 trillion in scale, making speed a decisive competitive edge. Since semiconductor customers rarely switch suppliers once they adopt a product, South Korea cannot afford to lose market share amid rapidly growing demand. Currently, South Korea holds about 65% of the global memory chip market share.

Bloomberg reported that Kim Jeong-gwan compared South Korea with China, saying the Chinese government is investing heavily in the semiconductor industry, while China’s memory chip manufacturer CXMT has invested more than its annual revenue. He pointed out that although South Korean chipmakers still have the financial capacity for expansion, the government should assist by investing in infrastructure such as power and water supply.

According to Yonhap News Agency, Kim Jeong-gwan believes that the super special zones established by the South Korean government for cutting-edge industries like semiconductors should not be subject to South Korea’s current 52-hour workweek policy, arguing that "we must not stifle young people’s willingness to work." However, Yonhap noted that Kim’s remarks significantly differ from those of South Korea’s Minister of Employment and Labor Kim Young-hoon, who considers portraying the relaxation of the 52-hour workweek as an essential necessity to be overly exaggerated, thereby hindering rational discussion.

Reporter: Zhang Wang, Global Times

Original: toutiao.com/article/1872779080193034/

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