China to Take ROK as Key Trade Partner: Premier

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Last updated at: (Beijing Time) Wednesday, July 09, 2003

China to Take ROK as Key Trade Partner: Premier

Premier Wen Jiabao said Tuesday that the Republic of Korea (ROK) will continue to be one of China's key trade partners as they are economically complementary and have great trade potential.

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Chinese Premier Wen Jiabao said Tuesday that the Republic of Korea (ROK) will continue to be one of China's key trade partners as they are economically complementary and have great trade potential.

Wen made the remarks while meeting visiting ROK President Roh Moo-hyun and other ROK guests.

The government of China was willing to work with the ROK to implement the guidelines set out Monday by Roh and Chinese President Hu Jintao on building a comprehensive cooperative partnership and raising bilateral trade volume to 100 billion US dollars in five years, Wen said.

Wen said China welcomed ROK businesses to explore opportunities in China's vast western areas and both sides should cooperate in the fields of high-technology, resource development and environmental protection.

Roh said he was glad to see ever closer relations in economic and trade development between the ROK and China, and his government was committed to promoting mutually beneficial cooperation for the common development and prosperity of northeast Asia.

Great potential exists in ROK-China economic cooperation

The Republic of Korea (ROK) and China should develop a reciprocal cooperative ties favorable to optimize the two countries' industrial structure and boost the Asian economy, said Roh Moo-hyun Tuesday.

Roh addressed a luncheon party attended by business people fromthe two countries, saying they should cooperate in the fields of energy, resources, finance, environmental protection, information and biological technology.

Roh and Chinese President Hu Jintao agreed Monday that the two countries will push the annual bilateral trade volume to 100 billion US dollars in five years.

Roh said he hoped more ROK enterprises would participate in developing China's western regions and the projects relating to the 2008 Olympic Games in Beijing and the 2010 World Expo in Shanghai.

Roh also called for northeast Asia to strengthen regional economic cooperation. Currently, northeast Asia has contributed 20 percent of the global gross domestic product (GDP), with the regional trade volume accounting for 14 percent of the world total.

With abundant natural resources, northeast Asia will have great potential for economic cooperation, said Roh.

Most importantly, fast growing China has become a strong basis for this region's economic development, Roh said.

President Wan Jifei of the China Council for the Promotion of International Trade (CCPIT) said that China and the ROK have conducted expanded trade and economic cooperation since the two countries established diplomatic ties in 1992. More ROK enterprises are becoming well-known in China.

Both China and the ROK once met with difficulties in their economic development process, said Wan, referring to the Asian financial crisis in 1998 suffered by the ROK and SARS in China last spring.

"But the two peoples and governments made their efforts to overcome the difficulties and deepened bilateral cooperation," said Wan.

"In the time of economic globalization, difficulties will make us further treasure the bilateral cooperation and cherish common development."

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