Chinese President Xi Jinping and South Korean President Moon Jae-in agreed in Osaka on Thursday to further elevate bilateral relations with win-win cooperation and together safeguard multilateralism, free trade and an open world economy.

The two leaders met ahead of a summit of the Group of 20 (G20) major economies slated for Friday and Saturday in the Japanese city of Osaka.

During their meeting, Xi said it is in accordance with the trend of history to enhance China-South Korea friendly cooperation, which also answers to the common calls of the two peoples.

China is willing to work with South Korea to stick to treating each other with sincerity, strive to achieve win-win cooperation, push ahead the development of bilateral ties, and make contributions to the peace and stability of the Korean Peninsula and the region, Xi said.

He urged the two sides to maintain communication at all levels and hold firmly the general direction of bilateral relations.

China and South Korea should seize the opportunity of jointly building the Belt and Road, accelerate the second-stage negotiations on a China-South Korea free trade agreement, and expand cooperation in such fields as trade, science and technology, finance and economics, as well as environment protection, Xi said.

He also encouraged the two sides to actively carry out people-to-people and cultural exchanges so as to consolidate friendship between the two peoples.

Noting that China-South Korea cooperation has been completely mutually beneficial with win-win outcomes and should not be affected by external pressure, the Chinese president said he hopes that the South Korean side will continue to attach importance to and properly address relevant issues between the two countries.

Xi urged the two sides to boost coordination within multilateral frameworks including the United Nations and the G20, jointly oppose protectionism, support multilateralism and the free trade system, and push for building an open world economy.

For his part, Moon hailed the sound momentum of the development of bilateral ties under the leadership of the two presidents.

The South Korean side is willing to strengthen high-level exchanges with the Chinese side, advance dialogue and cooperation in various fields, complete the second-stage negotiations on a South Korea-China free trade agreement at an early date and lift bilateral relations to a new level, Moon said.

South Korea stands ready to jointly build the Belt and Road with China and cooperate in expanding third party markets, he said.

Moon also pledged to join hands with China in safeguarding multilateralism, free trade and an open world economy, saying that it concerns South Korea's national interests.

The two leaders also exchanged views on the Korean Peninsula situation.

Xi recalled his state visit to the Democratic People's Republic of Korea (DPRK) last week at the invitation of Kim Jong Un, chairman of the Workers' Party of Korea and chairman of the State Affairs Commission of the DPRK, saying that he and Kim exchanged in-depth views on China-DPRK relations and peninsula situation.

Judging from his DPRK visit and the recent situation on various sides, the Chinese president said the general trend toward de-escalation and dialogue remains unchanged on the peninsula, and a political settlement remains an optimal option of all sides.

Facts have proven that the only way to solving the Korean Peninsula issue is to resolve their respective legitimate concerns step by step through dialogue and consultation with a phased and synchronized approach, Xi said.

Xi urged the two sides to increase efforts to promote peace talks in the next step.

China supports leaders of the DPRK and the United States to hold a new round of meeting and hopes that they will show flexibility and strive for progress.

The direction of denuclearization should be preserved on the Korean Peninsula, while the DPRK's legitimate concerns should be noticed and responded, Xi said.

Moon spoke highly of Xi's DPRK visit, saying it played a constructive role in facilitating dialogue and safeguarding peace and stability on the peninsula, and made important contributions.

Noting that the South Korean side highly appreciates such efforts, Moon pledged continuous endeavor to improve relations between Seoul and Pyongyang, and to enhance cooperation with China, so as to make contributions to realizing the denuclearization goal and lasting peace and stability.

Xi arrived in Osaka on Thursday for the 14th G20 summit at the invitation of Japanese Prime Minister Shinzo Abe.