China and the Republic of Korea have further strengthened economic collaboration with the signing of 17 deals between Premier Li Keqiang and President Park Geun-hye after a one-on-one meeting at the presidential Blue House in Seoul on Saturday, Oct. 31.
The deals were aimed at coordinating the development strategies and accelerate the ratification of a bilateral free trade agreement between the two countries, China Daily reported.
According to a statement released by the People's Bank of China, the two countries have agreed to introduce a direct transaction market for their currencies in Shanghai.
China also vowed to support the ROK's plan to issue a yuan-denominated bond in China's debt market.
According to the report, the government had also decided to expand the renminbi qualified foreign institutional investor quota, known as the RQFII quota, held by Seoul to 120 billion yuan ($18 billion).
The report said that the two countries have also agreed to synchronize economic development strategies, especially on innovation and the upgrading of the manufacturing sector, which would encourage better understanding of policies and more cross-border projects among businesses.
In addition to expanding the ROK's food exports to China and strengthening industrial cooperation, the two countries have agreed to facilitate the passage of the bilateral free trade deal in their own legislatures.
The two leaders also agreed to initiate talks to mark maritime boundaries to resolve issues resulting from overlapping exclusive economic zones in the Yellow Sea.
The Yonhap News Agency reported that the two countries have designated Samsung Everland, the operator of the largest amusement park in the ROK, to host the two pandas that will be delivered by China on loan next year. Sending pandas is a time-honored goodwill gesture of the Chinese government.
"My visit aims to take bilateral cooperation in all regards to a higher level and together maintain the stability in Northeastern Asia," said Li, who was on his first visit to the ROK as premier.
Park said that the ROK is willing to expand cooperation with China on trade, finance, innovation, manufacturing and medical care.
China is the ROK's largest trading partner, while the ROK is China's third-largest trading partner. According to the Ministry of Foreign Affairs, the two countries are the largest source of overseas students and the two most popular tourism destinations for their residents.
The report said that a closer economic partnership between the two countries boost the economy of Northeastern Asia and help in economic recovery of the region.