With the rapid development of China's technology

Ten years ago, South Korea was the largest of the world's three major shipbuilding powers. The other two powers were China and Japan, which accounted for 90% of the world's shipbuilding output. Today, South Korea's order volume is only half that of China. The dilemma facing South Korea now is similar to that of South Korea, which brought many European shipbuilding enterprises into bankruptcy. China has been pushing ahead step by step.
China's rapid technological development and the Korean shipbuilding industry are deeply affected by the crisis. According to The Economist, shipyards are Korea's largest export industry after semiconductors and automobiles. As a result, South Korea is increasingly uneasy about the rapid growth of its competitors. In addition, China's boycott of Korean products for a year has deepened China's intention to pose a serious threat to the Korean economic model. Knowledge.
The report pointed out that Korean shipbuilders thought they were better than China and cheaper than Japan, so they could gain an advantageous middle position. Suddenly, China's technological progress exceeded expectations. Together with the weakness of the yen, Japanese shipbuilders benefited, and the appreciation of the Korean won increased the price burden.
Hyundai Heavy Industries, South Korea's largest shipyard, dropped its 2016 orders from 60 to 80 ships and drilling rigs to about 20, though it rebounded last year, but insiders believe it will remain depressed for at least another year. Hyundai Heavy Industries said that container ships used to be the main source of orders, but this year almost no orders. Hyundai lost its French bid in August and was stolen by Chinese competitors, helping France build nine super container ships capable of carrying more than 20 20-foot containers.
If thousands of shipyard employees are not laid off, they are transferred to non-regular jobs. Some of the laid-off workers have turned to restaurants, and some have returned home. South Korean President Wen Zaiyin declared that South Korea could not give up being a leader in the global shipbuilding industry. Earlier this year, he formulated a plan to support the shipbuilding industry, including ordering icebreakers, patrol boats and offshore wind farms.
Everyone hopes to use digital technology to modernize shipbuilding, but China is also stepping up its pace. Last year, German think tanks took the lead in pointing out that South Korea is the most vulnerable country to China's competition.
From macroeconomic data alone, South Korea's economy grew by 3% last year, its exports of goods grew by 13%, and its unemployment rate was 3.7%. However, the mood in individual industries was very tense. For example, the automotive industry will soon feel the strength of China's competition, because apart from improving the quality of Chinese automobiles, Korean brands do not have the attraction of Japanese and European brands. Moreover, South Korea may be abandoned after China's electric vehicle market matures, especially after the emergence of driverless cars. Another pillar of South Korea's economy, chemicals, is also at risk. Semiconductors are currently the most resilient industry.
South Korean officials are also aware of the limitations of their relations with China and the fact that it is difficult for South Korean companies to compete with state-funded and directed Chinese companies, so many South Korean companies are shifting their focus of investment to the United States on a large scale.