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The two nations have been conducting close coordination on common interests and have also jointly tackled new threats and new global challenges, he said.

Zhang, chairman of the Standing Committee of China's National People's Congress, said China-ROK friendly cooperation is in accordance with the interests of two peoples, as well as regional peace and stability.

Another key is to study and grasp Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and make it the guide in practice and work, it said.

"I believe, through efforts by both sides, the Beijing FOCAC summit this year will be another historical event," Wang said.

"The impact of financial cycles on the macro-economy is not short-term fluctuations, but rather mid-term ones," said Peng Wensheng, global chief economist with Everbright Securities, stressing the "pro-cyclicality," or self-reinforcing nature of both bank credit and property prices.