South Korean companies need to seek more business opportunities in China's emerging cities as Beijing's expanding economy is spurring consumption nationwide, a report said Wednesday.

The Korea Trade-Investment Promotion Agency (KOTRA) said in the report that more South Korean companies should set up businesses in China's smaller cities as consumption growth in such places has been outpacing that of the country's bigger first-tier cities, such as Beijing, Shanghai and Guangzhou.

Source: Yonhap News (July 6, 2011)