On February 6, 2006, Chinese Foreign Minister Li Zhaoxing arrived in Monaco to hold talks respectively with the head of state Prince Albert II and Minister of State Jean Paul Proust of Monaco.

When talking with Prince Albert II, Li indicated that bilateral relations have enjoyed a sound development momentum and both countries have made gratifying headway in cooperation in the areas of politics, economy & trade, culture and tourism. Both sides agreed to elevate their relations to ambassadorial diplomatic ties, which will benefit the development of bilateral relations. Li also briefed Prince Albert II on preparations for the 2008 Olympics in Beijing and the 2010 World Expo in Shanghai and hoped that he will continue to show interest and support for these two great events.

Prince Albert II was satisfied with the development of bilateral friendly relations and hoped that both sides will continuously strengthen cooperation especially in the areas of personnel exchanges and cultural contact. He wished the Beijing Olympics and Shanghai World Expo a great success. When talking with Proust, Li noted that Monaco has advantages in the sectors of finance, insurance, tourism and architecture and China enjoys a broad market and rapid economic growth. There is huge potential for deepened cooperation between both sides. Li said that China welcomes Monacan businesses to invest in China. China will host the Olympics and World Expo and would like to draw lessons from Monaco's experience in holding large international activities.

Proust hoped that both sides will consolidate and deepen cooperation, give play to their respective advantages, seek new cooperative approaches and strengthen exchanges in the areas of economy & trade, culture, art and tourism.