The China-South Korea (Wuxi) Technological and Financial Cooperation Zone was inaugurated in Wuxi New District on Aug 24. [Photo/wxrb.com]

The China-South Korea (Wuxi) Technological and Financial Cooperation Zone was inaugurated in Wuxi New District on Aug 24. The 89-square-kilometer zone will focus on trade, science, finance, medicine and services.

Upon construction, the zone will offer more opportunities to businesses from both sides. People in the two countries will be able to get cheaper commodities, such as household appliances and clothing.

In addition, Wuxi Shuofang International Airport will see increasing freight volume but shortened shipping time because of preferential policies.

Currently, more than 200 South Korean companies are located in Wuxi New District, with over $12 billion of investment and around 6,000 South Korean people.

It is convenient for South Korean people to attend school and travel to and from Wuxi and South Korea, due to public schools opened by the South Korean government and round-trip direct flights.

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China and South Korea signed a bilateral free trade agreement (FTA) on June 1, the largest FTA deal for China in terms of volume.

Under the agreement, China abolished tariffs on 91 percent of all South Korean products within 20 years, while South Korea eliminated tariffs on 92 percent of all goods from China.

The FTA covered 17 areas, including trade in goods and services, investment and trade rules, e-commerce and government procurement.