Chinese President Xi Jinping and his South Korean counterpart Park Geun-hye held talks here Thursday, vowing to enrich the bilateral strategic cooperative partnership.

Xi said China and South Korea are important neighbors, close partners and good friends.

Reviewing all the substantial progress that has been made since they established diplomatic ties more than 20 years ago, the two nations have a lot to summarize, he said.

The two nations respect each other's social system, development mode and core interests, see each other as a development opportunity, support each other's peaceful development and jointly safeguard a peaceful and stable neighboring environment, he said.

China-South Korea relations are facing an opportunity of great development, said Xi, adding that the two sides should share development opportunities, handle the challenges together and deepen their cooperation in a comprehensive manner.

The two sides should become partners that share common development, promote regional peace and Asia's revitalization, and boost world prosperity, he added.

Xi made a four-point proposal to enhance bilateral ties.

Regarding political security cooperation, Xi said he is willing to maintain frequent communication with Park and exchange views on major issues of common concern at any time.

The two sides should strengthen communication and enhance mutual trust through governmental, parliamentary and party-to-party communication and cooperation mechanism, Xi said.

As for economy and trade cooperation, Xi said the two sides should further expand mutual beneficial cooperation in this field.

To raise the bilateral trade volume to 300 billion U.S. dollars by 2015, the two countries should nurture new cooperation growth points in fields such as new energy, telecommunications, intelligent manufacturing, among others, said Xi.

China is willing to launch a RMB clearance service in South Korea and hopes the two sides could speed up negotiations so as to complete their free trade talks before the end of the year.

China, Xi said, welcomes South Korean enterprises to invest more in central and western China.

As to people-to-people exchanges, Xi said both countries will celebrate the Year of Chinese Tourism in South Korea in 2015 and the Year of South Korean Tourism in China in 2016.

To elevate bilateral personnel exchanges to 10 million in 2016, Xi suggested the two sides waive visa for service passport holders and offer visa waivers for short-time travelers between the two sides.

Regarding regional and international cooperation, Xi said China stands ready to strengthen cooperation with South Korea in establishing an Asian infrastructure investment bank and advancing the plan for creating an Asia-Pacific free trade area.

The two countries, he said, could jointly hold memorial activities next year on the occasions of the 70th anniversary of the victory of the Anti-Fascist War, of the victory of the War of Resistance against Japanese Aggression, and of the liberation of the Korean Peninsula from Japan's colonial rule.

For her part, Park extended warm welcome to Xi's visit.

South Korea supports China to comprehensively deepen reform and believe that the Chinese dream could be realized at an early date, she said.

While the Chinese dream and South Korean dream converge, the peace, stability and prosperity of the northeast Asian region will be promoted, said Park.

The South Korean side sincerely hope that the two countries could become strategic cooperative partners who could support and help each other, stands ready to strengthen communication with China in the areas of political affairs, security and military, and is willing to exchange views on major issues in a timely manner, she said.

She expressed her hope that the two countries, with their joint efforts, could accomplish a high-level and comprehensive free trade agreement before the end of this year, so as to provide a fresh institutional framework to enhance the two countries' economic and trade cooperation, advance the two-way investment and financial cooperation and promote regional economic integration.

The bilateral cooperation should also contribute to the region and the world at large, she said, stressing to jointly promote the economic prosperity of the world and deal with challenges, such as climate change.

South Korea supports China to successfully host the informal economic leaders' meeting of the Asia-Pacific Economic Cooperation (APEC) this year, said Park.

After the summit talks, senior officials from the two countries signed a series of cooperation agreements covering diplomacy, sustainable development, finance, environment protection, local affairs, customs, people-to-people exchanges and media, in the presence of the two heads of state.

The two sides also issued a joint statement.

While meeting the press after the talks, Xi said that a new situation offers a new opportunity for the development of bilateral ties.

China and South Korea will not only seek shared development, but also join hands to cope with global challenges and safeguard the peace and stability in the region and the world at large, Xi said.

"Through this visit, I've got a feeling that China and South Korea have capabilities, conditions and willingness to strengthen their strategic cooperative partnership," he told reporters.

"I have full confidence in the future of China-South Korea relationship and also, I'm very much looking forward to it." he said. "I believe the ties between the two countries will surely continue to forge ahead and achieve new greater development."

Park described her talks with Xi as "candid and friendly." She told reporters that the two sides reached many important consensuses on cooperation in a wide range of areas and signed a series of important deals.

Park said that she believes President Xi's visit will forcefully advance the strategic cooperative partnership between the two countries, and become a "new milestone" in the history of bilateral relations.

Before their talks, a grand welcome ceremony was held at the Blue House for President Xi and his wife Peng Liyuan.

Peng, accompanied by South Korean officials, visited a world cultural heritage site in Seoul, the ancient Changdeokgung Palace, and watched the performance of artists of traditional Korean instrument.

Peng said that the friendship between the two peoples goes back to ancient times and more Korean friends are welcomed to visit China.

The Chinese president arrived here Thursday for a two-day state visit to South Korea, his first trip to the Asian neighbor since he took office last year.