Over half of South Korean companies are preparing to either reduce or withdraw businesses from China over its stringent zero-COVID measures, according to a recent survey. Meanwhile, some 40 percent of the respondents urged the South Korean government to intervene by informing the Chinese regime of their losses and providing solutions.
In mid-June, the Shanghai branch of the Korea International Trade Association (KITA) surveyed 177 South Korean companies in China on the effects of Beijing’s zero-COVID policy on their businesses and their plans.
The survey results, published on June 27, showed that 88.1 percent of the companies reported “[significant] damage or negative impact” on their businesses. While 97.4 percent responded that their sales decreased in the first half of this year, 31.4 percent said their sales fell by more than 50 percent compared to the same period last year….