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He also called on both sides to forge ahead with cooperation on major projects and financial investment, explore to conduct negotiation on free trade agreement, enhance building of cross-border economic zone and transportation construction.

Li reassured that the Chinese economy is resilient with huge market potential and will maintain sustainable growth with ongoing structural reforms.

Wang listed a number of Chinese contributions, including launching the Free Trade Area of the Asia-Pacific process, formulating and earnestly implementing a connectivity blueprint, helping other countries with infrastructure development, and dovetailing its own development strategy with those of others.

China now stands as the ROK's largest trading partner and largest source of import while ROK is China's third most important trading partner. Their trade volume is expected to reach 300 billion U.S. dollars this year, a 60-fold increase over the past 20-plus years.

Su expected negotiations on the draft text to wrap up on Thursday afternoon. The finalized draft will then be reviewed by all parties on Friday, and left for ministers to make decisions in the second week.