On October 27, 2011, visiting Vice Premier of the State Council Li Keqiang attended the business community luncheon held by four major economic groups of the Republic of Korea (ROK) and addressed the event.
Li pointed out that China and the ROK are neighbors separated by only a strip of water and have a long history of exchanges. The two countries have enjoyed deep political mutual trust, close high-level exchanges, fruitful trade cooperation, increasing mutual investment and wide cultural exchanges since the establishment of bilateral diplomatic ties nearly 20 years ago. A sound foundation has been built for the bilateral pragmatic cooperation. The two sides should adapt to new circumstances, seize opportunities, cope with challenges, make institutional innovations, tap potential, raise the bilateral economic and trade cooperation to a new level, stride forward in the process of trade liberalization and economic globalization, enhance the welfare of the two peoples and promote prosperity and development of Northeast Asia and the world at large.
He raised six proposals on reinforcing China-ROK economic, trade and cultural cooperation. First, speed up the development of China-ROK free trade area (FTA) and launch the FTA negotiations as scheduled. Second, develop the green industry strategic cooperation mechanism, strengthen cooperation on emerging sectors like green industry and actively push forward the recycling economy and low carbon development. Third, explore new ways of investment cooperation. China encourages the ROK businesses to expand investment in its high-end manufacturing industry and participate in the development of western China, rejuvenation of Northeast old industrial base and rise of Central China. China also backs up competitive domestic businesses to invest in the ROK. Fourth, promote financial cooperation and innovation. The bilateral currency swap will be expanded from RMB180 billion to RMB360 billion. Financial support for the cooperation of small and medium-sized enterprises of the two countries will be enhanced and the stability and development of regional financial market will be boosted. Fifth, cement bilateral and multilateral cooperation. Existing inter-governmental and non-governmental exchange mechanisms should be used fully to properly solve emerging problems of economic and trade cooperation and stances and policies on the global economic governance structure reform should be coordinated. The ROK is expected to further facilitate the business operation and personnel exchanges of Chinese enterprises. Businesses of the two countries could expand cooperation on infrastructure construction and market development in third countries. Sixth, broaden cultural exchanges and cooperation. China will invite 300 more ROK youth every year to visit China starting from next year and dispatch 1,400 Chinese teachers to the ROK before 2015. The two countries should tighten cultural exchanges and create new cooperation highlights to continuously drive forward the bilateral relations.
He noted that China is implementing the 12th "five-year" plan and will promote scientific development, accelerate change of the economic growth mode, adhere to the strategy of expanding domestic demand, deepen reform and opening up, guarantee and improve people's livelihood and maintain the long-term stable and relatively fast growth of the domestic economy. We will be committed to the win-win strategy of opening up to expand and deepen the common interest of our own and our trade partners.
He stressed that China will unswervingly pursue the road of peaceful development, persist in building good-neighborly relations and be committed to developing friendly and cooperative relations with the neighboring countries. China upholds to promote the denuclearization process on the Korean Peninsula, supports resumption of the six-party talks and is ready to make concerted efforts with related parties to make contributions to peace and stability on the Peninsula and in Northeast Asia.
Nearly 300 people, including representatives of the Federation of Korean Industries and the other three major economic groups of the ROK, large enterprises and Chinese-funded organizations as well as the Chinese delegation attended the luncheon.
In the afternoon, Li visited LG Seocho R & D Center. He hopes LG plays a bigger role to promote the bilateral economic and trade cooperation.