A seminar on China-South Korea economic cooperation was held in Yantai, Shandong province, on Tuesday, attended by about 150 officials and business leaders from both countries. Chinese President Xi Jinping and South Korean President Park Geunhye have said in a statement that most of the negotiations on the China-South Korea Free Trade Agreement were completed in November.

"Efforts are being made to tackle the technical problems related to the China-South Korea FTA, and we expect all of the negotiations to be completed by the end of this year," Gao Yan, vice-minister of China's Ministry of Commerce, told the seminar. Gao said that the FTA will offer many opportunities for both countries in the fields of economics and culture. 

Seminar with South Korea focuses on cooperation

China is South Korea's biggest trading partner, largest export destination and import source, and the largest destination of overseas investment. South Korea is China's third-largest trading partner.

Trade between the two countries reached $270 billion in 2013, a year-on-year increase of 7 percent. Over 800 fights shuttle between the two countries every week.

Yantai in East China's Shandong province has maintained close relationship with South Korea, thanks to geographical advantages.

By the end of 2013, 3,479 South Korea-invested projects are seeking development in Yantai, covering a wide range of fields including clothing, electronic, machinery, food and shipment.

Foreign trade between Yantai and South Korea reached $10 billion during the previous 11 months, a year-on-year increase of 20.4 percent. More than 260,000 South Korean visited Yantai last year, accounting for two thirds of Yantai's inbound tourists.

By Zhao Ruixue