Chinese President Hu Jintao met with President Toledo of Peru in Santiago on November 20, 2004.

Toledo told Hu Jintao that in order to further expand friendly cooperation between Peru and China, the Peru government recently decided to recognize China's complete market economy status, expand cooperation with China in quarantine, encourage more Chinese businesses to invest and set up manufacturers in Peru and strengthen exchanges and cooperation in nurturing the development of medium and small businesses. Toledo also reasserted that the Peru government will firmly follow the one-China policy.

Hu Jintao highly commented the steady development of friendly relations between China and Peru in all fields since they established diplomatic ties 33 years ago. He emphasized that since this year high-level exchanges of visit between the two countries are fairly frequent, political mutual trust is strengthened, dialogs and consultations in international affairs are enhanced and mutual support and coordination get closer. He said that both China and Peru are developing countries faced with the common tasks of maintaining national sovereignty, developing national economy and improving the people's living standard. To further consolidate and develop friendly relations between the two countries is in the basic interest of the two countries and their people.

Hu Jintao responded positively to Toledo's suggestions on strengthening bilateral cooperation in economy, trade and investment. He said that Peru is China's sixth largest trade partner in Latin America and one of the Latin American countries receiving the most investment from China. We appreciate Peru's recognition of China's complete status of market economy, which will vigorously facilitate the bilateral cooperation in trade and investment. China will continue encouraging creditable and qualified Chinese enterprises to invest in Peru and conduct reciprocal cooperation there. We will take it into active consideration to put Peru on the list of Chinese citizen's tourist destinations to enhance bilateral people exchanges. Hu Jintao expressed deep confidence that broad prospects for cooperation exist in many fields between China and Peru. With the joint efforts on both sides, the friendly relations between the two countries will surely keep progressing.