Backgrounder: Sino-S. Korean relations

Source: CCTV.com | 04-10-2007 14:29

This year marks the 15th anniversary of the establishment of diplomatic ties between China and South Korea. And during this time, the two countries have continuously enhanced their political and economic ties.

Both countries have seen frequent visits by top officials.

South Korean President Roh Moo-hyun's first state visit to China in July 2003 led to an agreement to build a cooperative partnership.

In November 2005, Chinese President Hu Jintao was in Seoul for a state visit, signaling South Korea's recognition of China's market economy status.

Yu Meihua, senior researcher China Reform Forum, said, "Sino-South Korean relations in diplomacy, economy, and trade have been rapidly developing since the two countries established ties. It has happened at an unprecedented speed. The close cooperation between China and South Korea has made important contributions to regional peace and development."

Because of the close ties, both countries have become important trading partners.

China is now South Korea's biggest trading partner and the number one destination for South Korea's investors and entrepreneurs. Imports from China to South Korea reached over 40 billion US dollars last year.

South Korea is China's 4th largest trade partner, with imports from Korea reaching over 82 billion US dollars last year.

The two countries' trade volumes topped 130 billion US dollars in 2006.

Both countries have set the goal of increasing bilateral trade volume to 200 billion US dollars by 2012.

China and South Korea have also agreed to start discussing establishing a free trade area in early 2007.

Editor:Du Xiaodan