Wu made the remark during a meeting with Chung Mong-koo, chairman and chief executive officer of Hyundai Motor Co., LTD, in the Great Hall of the People.

Wu said relations between China and the ROK were developing smoothly and maintained a momentum in high-ranking exchanges. The rapid growth of trade and economic and technological cooperation was one of the outstanding features of bilateral relations. He expressed appreciation for the important contributions that ROK industries, including Hyundai, made to bilateral relations.

Wu said the joint venture project that Hyundai had set up in Beijing had achieved substantial progress in a relatively short time and would help push forward industrial restructuring and development in the city.

Noting that market demand was an impetus to the expansion of business, Wu said the cooperation between China and Hyundai enjoyed bright prospects.

Chung said the results of cooperation between Hyundai and Beijing proved that the two sides were complementary, equal, mutually beneficial and sincere in their cooperation. The ROK side was confident about the prospects of cooperation and ready to explore the possibilities of expanding cooperation.

(Xinhua News Agency June 25, 2003)