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China is willing to work with the ROK to enhance trust and properly handle sensitive issues to advance bilateral relations along the right track, he said.

Both sides agreed to launch consultations to sign an intergovernmental cooperation document as soon as possible and to formulate a guideline and project list for cooperation under the Belt and Road Initiative, according to Wang.

The local "two sessions" will also highlight high-quality development, supply-side structural reform, rural area revitalization, coordinated regional development and better law enforcement on environmental matters.

Initiated by China in 2014, the framework spans connectivity, production capacity, cross-border economic cooperation, water resources management, and agriculture and poverty reduction, benefiting dozens of millions of people living on the waterway.

Previously scheduled to expire on Dec. 31, 2017, the pilot program will run for one more year until Dec. 31, 2018, and is expected to further improve rural financial services and raise farmers' incomes.