On the afternoon of November 16, 2005, Chinese President Hu Jintao, who was on a state visit to the ROK, held talks at the Presidential Palace at Chong Wa Dae with his ROK counterpart Roh Moo-hyun. The two heads of state exchanged in-depth views on bilateral relations and international and regional issues of common interest and reached important consensus. Both sides indicated that they will make joint efforts to push for continuous development of bilateral comprehensive cooperative partnership. Roh Moo-hyun declared that the ROK acknowledges China's market economy status.

At 3:00 pm local time, in the genial sunshine of early winter, Hu and his wife Liu Yongqing arrived at the Presidential Palace by car on time. Roh Moo-hyun and his wife stepped forward to extend cordial greetings to the guests. The military band played the national anthems of both sides. Roh Moo-hyun accompanied Hu to review the three-service honor guards and guards of courtesy in traditional costume.

Later, the two heads of state held talks. Roh Moo-hyun first indicated that Hu's current visit is the second trip to the ROK by the Chinese head of state since the establishment of diplomatic ties and the ROK government and people warmly welcome such a visit. It is deeply believed that this visit will push bilateral relations that are developing to a new level and open new prospect for bilateral friendly cooperation.

Hu pointed out that since President Roh Moo-hyun visited China in 2003 and both sides declared the establishment of comprehensive cooperative partnership. Both sides have conducted all-round cooperation in various areas and maintained close communication and coordination in international and regional affairs. There is an increasing of bilateral common interest and importance of bilateral relations. Bilateral cooperation has not only promoted the development of both sides, but also made important contributions to safeguarding peace and stability of the Korean Peninsula and Northeast Asia.

Hu emphasized that China attaches great importance to bilateral relations and would like to work with the ROK to push for new development of bilateral comprehensive cooperative partnership. He proposed suggestions on deepening bilateral cooperation in various areas in the following 4 aspects. First, to build up mutual trust in the political area. It is suggested that both sides set up a hot line between their Foreign Ministers, exchange views and coordinate positions on major issues of common concern in time, strengthen communication and cooperation based on mutual understanding and properly handle each other's concerns. Second, to expand cooperation in the economic area. The original target of 100 billion US dollars for the bilateral annual trade volume in 2008 is expected to be fulfilled ahead of schedule this year and it is suggested that both sides formulate a new target and try to enable the bilateral annual trade volume to reach 200 billion US dollars upon the 20th anniversary of the establishment of diplomatic ties in 2012. Both sides should expand cooperation area and enhance cooperation level so that the economic and trade cooperation will bring more benefits to both sides. Third, to draw reference from each other in the area of humanities. Both sides should expand bilateral personnel contact and exchanges in the areas of culture, education, science and technology, sanitation and quarantine, and environmental protection and inject more vitality into development of bilateral relations. Both sides should also strengthen exchanges between their youngsters and do a good job in holding activities of "Year of Exchanges between China and the ROK" in 2007. Fourth, to enhance communication in international affairs. Both sides have maintained sound communication and cooperation in the areas of denuclearization of the Korean Peninsula, regional economic community and the UN reform and China would like to work with the ROK in jointly committing to the establishment of a fair and reasonable new international political and economic order.

Roh Moo-hyun expressed full agreement with Hu's four-point suggestions on strengthening bilateral cooperation and emphasized that both sides share broad common interest and important consensus, reaffirming that the ROK attaches great importance to relations with China, resolutely pursues the one-China principle and this position will not change. He declared that the ROK government decided to acknowledge China's market economy status and would like to actively research the possibility of establishing a free trade zone between both sides, push for expanded cooperation between businesses of both sides, properly handle the issues emerging from rapid development of bilateral economic and trade cooperation and try to enable bilateral economic and trade relations to achieve more rapid development on the existing basis. He indicated that he agreed with the establishment of a hot line between the Foreign Ministers of both sides and will continue to encourage both sides to further exchanges between their governments, legislatures, parties and non-governmental organizations and expand personnel exchanges especially those between youngsters. He also thanked China for sending the Buddha Finger Sarira of Famen Temple in Shanxi for enshrinement in the ROK.

When talking about the six-party talks on the Korean Peninsula nuclear issue, Roh Moo-hyun made highly positive comments on and thanked for China's role. Hu reaffirmed China's principled position of adhering to a nuclear-free Peninsula and peaceful resolution of issues through dialogue and stressed that the first phase meeting of the fifth round of six-party talks was just concluded in Beijing and all the parties conducted serious and practical discussions on implementing the Joint Statement and reached some consensuses. It is hoped that all the parties will continue making joint efforts to push the six-party talks for new progress.

Following the talks, the two heads of state jointly attended the signing ceremony of the memorandum on promoting trade and investment development, the agreement on the cooperation in breeding Northeast China Tigers and other documents between related departments of the two governments.

Hu and Roh Moo-hyun also jointly met with journalists from the Chinese and ROK media. Both heads of state held that this visit is of great significance and both sides have held candid and friendly talks and reached important consensus. They indicated that both sides will make joint efforts to push for further development of bilateral comprehensive cooperative partnership, bring benefits to both peoples and make more contributions to promoting peace and development of this region.

On the night of the same day, Roh Moo-hyun and his wife held a grand welcoming banquet for Hu and his wife Liu Yongqing at the former's Presidential Palace. The two leaders proposed enthusiastic toasts respectively.

State Councilor Tang Jiaxuan and other Chinese companions attended the above-mentioned activities.