On May 29, 2010, visiting Chinese Premier Wen Jiabao met with Prime Minister of the Republic of Korea (ROK) Chung Un-chan in Seoul.

"As the world is undergoing major changes and adjustments, China and South Korea, being neighbors and two countries of significant influence in the region, should deepen political trust and cooperation to benefit the two peoples and make bigger contribution to regional peace, stability and prosperity," said the Chinese premier.

Wen introduced the economic situation in China and the tasks it faces. The economies of China and the ROK are increasingly interdependent and closer to each other, and have a great potential for cooperation, Wen said. He made a four-point proposal on closer economic ties with South Korea. First, the Chinese premier suggested that the two countries speed up the work on establishing a China-South Korea free trade area in a gradual manner by seeking common ground while reserving differences. Second, the two countries should explore new cooperative fields like energy conservation, environmental protection, high-tech and low-carbon economy. Third, the two countries should oppose trade and investment protectionism of all forms and properly handle trade frictions. Fourth, the two countries should enhance coordination and communication within the framework of the Group of 20 and the ASEAN plus China, Japan and South Korea (10+3) so as to maintain financial stability and promote balanced and sustainable development of the world economy, said Wen.

Chung spoke highly of China's effective macroeconomic regulation amid the global financial crisis, saying that China's stable and rapid economic growth is conducive to South Korea, Asia and the world at large. Chung said South Korea values strategic cooperative partnership with China, and is willing to work with China to increase contacts in all areas and at all levels, enhance communication and cooperation in major issues, jointly commit to safeguarding regional peace and stability and push for the reform of the international economic governance system. He expressed hope that both sides will hold full consultations to push for establishment of a free trade area, facilitate trade and personnel exchanges and lift the level of bilateral economic and trade cooperation.