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Chinese premier calls for further mutual opening-up with South Korea

Xinhua, November 1, 2015 Adjust font size:

Visiting Chinese Premier Li Keqiang said here Sunday that China and South Korea should further open up to each other and pursue integrated development.

Li, who is here for his first official visit to South Korea as premier, made the remarks during a keynote speech at a welcoming luncheon with the country's business community.

The China-South Korea free trade agreement (FTA), which heralds a low-tariff common market of some 12 trillion U.S. dollars, will create more opportunities for businesses in the two countries, he said.

China and South Korea inked a landmark FTA in June. Under the deal, South Korea will eliminate tariffs on 92 percent of all imports from China within 20 years after its implementation, while China is to abolish tariffs on 91 percent of all imported South Korean goods.

Li also called for accelerating the talks on a China-Japan-South Korea FTA, and promoting the negotiations for the Regional Comprehensive Economic Partnership.

During the speech, he urged China and South Korea to build up synergy between their development strategies, jointly explore third-party markets, and strengthen bilateral financial cooperation.

The premier also vowed to jointly safeguard peace and stability in East Asia with South Korea.

Meanwhile, Li assured the South Korean business community that the Chinese economy is not facing a hard-landing.

China is vigorously pushing forward structural reforms and its economic potential is huge, he said, while inviting South Korean businesses to increase their investment in China.

The Chinese economy expanded 6.9 percent year on year in the third quarter of 2015, the lowest reading since the second quarter of 2009, but in line with the government's target of around 7 percent.

Li arrived in Seoul on Saturday for the ongoing three-day trip, which also includes a trilateral summit with Japanese and South Korean leaders on Sunday.

After their meeting Saturday, Li and South Korean President Park Geun-hye jointly witnessed the signing of 17 bilateral cooperation agreements covering such areas as trade and economy, science and technology, environmental protection and people-to-people exchanges. Endi