Trade policy also supported the selected industries and corporations. It was almost impossible to import foreign products if similar goods were produced domestically. However, if the exporter needed to import inputs for the production of export goods, it was exempted from this rule and moreover it benefited from the tariff rebate system. As such, the general trading companies engaged in the export and import businesses as well as in the HCIs through their subsidiaries, and benefited greatly from the system. As a result, HCI output accounted for 57 % of the general trading companies’ total exports in 1980. In addition to entry selection, the government actively in the corporate restructuring process, including the liquidation and M&As of private firms. Table A1.1 shows the main content of industrial and corporate restructuring that took place during Korea’s rapid economic development period.