According to Yonhap News,

The effectuation of Korea-China free trade agreement (FTA) is forecast to increase Gyeonggi Province’s annual industrial production by 1.4142 trillion won for the next 15 years, according to “Effects of Korea-China FTA on Gyeonggi,” a report released by Gyeonggi Research Institute.
The report shows that if tariff rates for the manufacturing sector are cut by 100 percent with the Korea-China FTA, the production of machinery including automobiles, Gyeonggi’s major industrial sector, would rise by 222.1 billion won a year.
Plus, the FTA will lead to the increase of the production of electric batteries, petrochemical products, steel and metal products and transportation equipment by 215.6 billion won, 163.1 billion won, 98.4 billion won and 79.2 billion won, respectively.
The production of the service industry, in particular, is expected to grow by 777.8 billion won due to investment liberalization and strengthened protection of intellectual property rights.
In contrast, agricultural and livestock products and agricultural processed products will see the decline of 63 billion won and 39.1 billion won, respectively, on their production.
Gyeonggi’s Gross Regional Domestic Product is analyzed to record an annual increase of 0.086 percent for the next 15 years with the Korea-China FTA, lower than the figure of 0.244 percent by Korea-US FTA but higher than the figure of 0.043 percent by Korea-EU FTA.
“We need to produce safe, high-quality agricultural products in response to the massive inflow of Chinese agricultural products in the wake of the Korea-China FTA,” said a researcher of Gyeonggi Research Institute. “We should provide consulting services and other supports particularly focusing on patents, brands and designs of small-and-medium enterprises.”

Source Text

Source: Yonhap News (Dec. 13, 2012)

** This is the translation of a Korean article.