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The G20 is a main forum for global economic and financial cooperation that brings together the world's major advanced and emerging economies, which represent around 85 percent of global GDP, 80 percent of world trade, and two-thirds of the world population.

Despite challenges of the current world economy, the two emerging economies are weathering the difficulties and keeping their trade volume steady this year.

"Above all, economic and trade cooperation is the most eye-catching and strong part in bilateral relations between China and South Korea," said Ruan Zongze, deputy head of the China Institute of International Studies.

The economic and trade forum has already been convened four times. Together with the Meeting of Heads of Government, the forum witnessed the growth and fruitful results of the 16+1 cooperation. It has become not only a bond and bridge of friendship but also an important platform for economic and trade cooperation between China and Europe. Despite the weak global economy and sluggish world trade, practical cooperation between China and CEE countries has kept a good momentum. Two-way trade in 2014 exceeded 60 billion U.S. dollars, setting a new record, and China's import from CEE countries rose by 77.4 percent from the 2010 level. Both figures signify a high degree of mutual political trust between the two sides as well as the immense potential in our trade and investment. Investment in both ways is steadily growing. Chinese companies are very eager to invest in CEE countries. Their investment stock in CEE countries has surpassed 5 billion U.S. dollars, and their destination countries and investment modalities have become more diverse. Businesses from CEE countries are also investing in more sectors in China. Major cooperation projects are moving ahead steadily. Forty percent of the total business generated by contracted projects undertaken by Chinese companies in Europe are in CEE countries. The Belgrade bridge over the Danube has been completed and opened to traffic, marking the completion of the first major project undertaken by China in CEE countries. Other projects undertaken by Chinese companies such as power plants, highways and flood prevention works are moving ahead rapidly. There is an old saying in China, "Those who don't think, acquire nothing; those who don't act, achieve nothing." Indeed, such achievements would not have been possible without the strong support from the governments and the pioneering and unremitting efforts of the business communities and business leaders of both sides.

At the meeting, the mayors discussed deepening economic ties between African cities and their Chinese counterparts in order to improve investment ties.