Both Chinese president Hu Jintao and visiting ROK President Roh Moo-hyun agreed the nuclear issue in the DPRK should be settled peacefully through talks, and the Korean peninsula should be nuclear free.

"China at the same time held that the security concerns of the DPRK should be taken into account," Hu said after emerging from a two-hour meeting with Roh, which both described as "satisfactory" and "fruitful."

Roh said that he appreciated China's constructive role in settling the nuclear issue, and Hu said China was willing to continue its efforts to "find the most effective way to break the deadlock and avoid the situation from deteriorating".

Hu said that the two countries agreed on building an "all-round cooperative partnership", which would have a great impact on bilateral ties.

The two countries also agreed to push the annual bilateral trade volume to US$100 billion in five years.

Statistics show that trade between the ROK and China has increased to US$44 billion from US$5 billion since they normalized diplomatic relations in 1992.

Roh said the trade volume had a 20 percent annual increase in recent years, and there would be no problem in achieving the goal.

However, Roh said, the two sides should intensify capital and technological cooperation to promote trade and economic cooperation. "The ROK and China should become a regional economic community," the ROK president said.

Roh said the ROK would like to participate in developing China's western regions. The two countries also agreed that the ROK would establish a general consulate in Chengdu, capital of China's southwest Sichuan Province.

Roh said China's rapid economic growth was not a threat, but an opportunity for prosperity and cooperation. China's development benefited the ROK and the long-term development of the bilateral ties, and was also conducive to regional and world peace and development.

Hu said the Chinese government would promote Sino-ROK cooperative relations of mutual benefit according to the guideline of treating neighbors as friends and partners.

Roh invited Hu to visit the ROK, and Hu accepted the invitation with pleasure, according to Roh.

(Xinhua News Agency July 8, 2003)