South Korean blue chips bruised by Chinese slump

Profit down 23% at big exporters as Moon rushes to nurture startups

20190215N Hyundai SK-China (Reuters)

South Korea relies on China as a buyer for about one-quarter of exports from major conglomerates like Hyundai Motor. © Reuters

KENICHI YAMADA, Nikkei staff writer

SEOUL -- Major South Korean exporters like Samsung Electronics and Hyundai Motor have fallen on tough times as the trade war chills China's economy, producing profit declines at companies often viewed as the canaries in a global coal mine.

The downturns at conglomerates that form the core of South Korea's economy also are spurring Seoul to intensify its promotion of startups that could forge a path forward in new fields.

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