China firms' Korea acquisition spree furthers Xi's new economy dream

Seoul

COMPANIES in China are buying their South Korean counterparts at a record pace, tapping into one of the world's most innovative countries to accelerate President Xi Jinping's push for an economy led by technology and consumer services.

Chinese investments in Korean companies soared 119 per cent this year to US$1.9 billion, led by deals in the insurance, technology, healthcare and cosmetics industries, according to data compiled by Bloomberg.