On August 26, 2008, Chinese President Hu Jintao attended the luncheon co-hosted by the Korea International Trade Association, the Korea Chamber of Commerce & industry, the Federation of Korean Industries and the Korea Federation of Small and Medium Business in Seoul. Delivering an important speech to the luncheon, he reiterated that China would unswervingly follow the road of peaceful development, pursue the mutually beneficial, win-win and open strategy and seek peaceful, open and cooperative development. The Chinese people are ready to join hands with people of all other countries to build a harmonious world with lasting peace and common prosperity.

The luncheon was held in Shilla Hotel where Hu stayed. At about 12:00 p.m. local time, Hu stepped into the ballroom and was warmly welcomed by the heads of the four Korean economic bodies.

He made a speech entitled Deepening Mutually Beneficial Cooperation for a Beautiful Future amid enthusiastic applauses. He noted that economic and trade cooperation is a major part of China-South Korea relations and plays an important role of promoting the development of bilateral ties. The establishment of strategic partnership between the two countries has created new opportunities and opened greater space for the bilateral economic and trade cooperation. Meanwhile, under the complicated and fluctuating international economic environment, China-South Korea economic and trade cooperation faces challenges. Both sides should strengthen coordination and cooperation and make best use of the opportunities to properly handle the challenges. He pointed out that in the next period of time the two countries can make joint efforts mainly in the following aspects.

I. To push forward the cooperation in key areas. Both sides should make further use of their advantages to reinforce the exchanges and cooperation in such fields as communication, finance, energy, logistics and environmental protection, create new growth points of bilateral cooperation and increase the quality of such cooperation.

II. To promote mutual investment. Both sides should actively adapt to the changes of investment environment, expand investment fields and improve investment model. We welcome more investment in key areas of China by more Korean enterprises, encourage and support more competitive Chinese companies to invest and do business in South Korea and hope the Korean side offers a sound environment for those Chinese businesses.

III. To expand cooperation in international economic affairs. Companies of the two countries can strengthen communications and expand cooperation in the fields of developing international standards, exploring international market and participating in the regional integration process.

Hu said that entrepreneurs and enterprises are the backbone for the economic and trade cooperation between China and South Korea. The Chinese government always attaches great importance to and supports the mutually beneficial cooperation between the businesses of the two countries and is willing to make joint efforts with the Korean government to serve better the enterprises of both countries by improving the cooperation mechanism, building an enabling environment and providing quality services. He expressed confidence that the constant progress of China-South Korea relations would open greater space for the entrepreneurs of both countries to give full play to their wisdom and realize mutual benefit and a win-win outcome.

Hu reviewed the 30-year history of reform and opening-up of China and the development achievements China has made. He also stressed that China remains the biggest developing nation in the world and during the process of development we have encountered contradictions and problems which are unprecedented in terms of both number and complexity. China still has a long way to go and should work hard to comprehensively build a well-off society benefiting more than a billion of population and then basically realize modernization and common prosperity of the entire Chinese people. The development of China over the past 30 years is attributable to reform and opening-up and its future growth must also rely on reform and opening-up. The Chinese people will unswervingly pursue reform and opening-up and continue to strive for the all-round building of a well-off society and accelerate the socialist modernization.

Lee Hee-Beom, President of the Korea International Trade Association, delivered a speech on behalf of the four economic organizations. He noted that the exchanges and cooperation between South Korea and China have achieved fruitful results since the two countries established diplomatic ties 16 years ago. The economic community of South Korea warmly welcomes the common consensus reached by President Hu Jintao and President Lee Myung-bak on expanding and deepening the bilateral cooperation and will make greater efforts to widen the bilateral economic and trade cooperation.

Before the luncheon, President Hu and South Korean Prime Minister Han Seung-soo jointly addressed the China-South Korea World Expo Cooperation and Exchange Forum.

Hu pointed out in his speech that to strengthen the bilateral cooperation in the field of the world expo is an important consensus he reached with President Lee Myung-bak. We expect the countries and regions worldwide to take the platform of the Shanghai World Expo to fully display their achievements of urban civilization, exchange their experiences of urban construction, spread the philosophies of urban development, discuss the interactive growth of the urban and rural areas and explore better residing, living and working models of mankind.

He noted that South Korea would host the Yeosu World Expo in 2012. China will actively support and participate in the Yeosu World Expo. Both sides should take the opportunities of the Shanghai and Yeosu world expos to set 2010 and 2012 as the China visit year and the South Korea visit year respectively and hold colorful exchange activities correspondingly.

He expressed confidence that the Shanghai and Yeosu world expos will achieve great success with the joint efforts of both sides so as to add radiance to the bilateral relations and contribute to the harmony and progress of the world. He also indicated the hope that the Chinese and South Korean people join hands to strengthen exchanges and cooperation and create an even better future for the bilateral ties.

Han Seung-soo said in his speech that the sharing of experience by South Korea and China in hosting the world expos which showcase the scientific and technological achievements of mankind will not only be beneficial to the success of the two expos but also contribute to the bilateral relations and push forward the friendly cooperation between the two countries.

At the meeting, related departments of China and South Korea signed the document on strengthening cooperation on the world expos.

Ling Jihua, Wang Huning and Dai Bingguo were present at the above activities.