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The proposal read that the State advocates core socialist values, and the civic virtues of love of the motherland, of the people, of labour, of science and of socialism.

-- Initiated in 2015, supply-side structural reform remains the centerpiece of the economic agenda, pruning overcapacity, clearing up the large inventory of unsold homes, curbing debt and lowering business costs.

South Korea and China are important neighbors and cooperative partners and bilateral ties are now at a new starting point, said the South Korean president.

Both sides should maintain high-level contacts, strengthen party-to-party exchanges, and enhance cooperation in defense, law enforcement and local governments, he added.

"China, unlike developed countries, is plagued by imbalance in regional development and urban-rural gap," Wang said.