Conglomerate (company) music industry, television and film production and distribution, financial services, and telecommunications. In China, many of the country's conglomerates are state-owned enterprises, but there is a substantial number of private conglomerates. Notable conglomerates include BYD, CIMC, China Merchants Bank, Hasee, Huawei, JXD, Ping An Insurance, TCL Corporation, Tencent, TP-Link, ZTE, Legend Holdings, Dalian Wanda Group, China Poly Group, Beijing Enterprises, and Fosun International. Fosun is currently China's largest civilian-run conglomerate by revenue. In South Korea, the "chaebol" are a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of current presidents of chaebols
Trade policy of South Korea of luxury goods increased including high tech and electronics products which reduced exports which resulted in Korea's trade deficit and current account deficit. In mid-1990's Korea reduced tariff rates and import restriction on autos, high tech products and financial services. South Korea and the Asian Financial Crisis Korean Banks and Chaebol borrowed heavily from the foreign banks on a short-term basis. The money was taken to fund investment in the industries at the encouragement of the government. The heavy reliance on the short term foreign loans led the Korean economy to suffer from the currency crisis, as foreign reserves were