Chinese Premier Wen Jiabao (C), President of the Republic of Korea (ROK) Lee Myung-bak (L) and Japanese Prime Minister Yoshihiko Noda (R) shake hands during the fifth summit meeting of China, Japan and the ROK at the Great Hall of the People in Beijing, May 13, 2012. [Photo/Xinhua]

An annual meeting of leaders of China, Japan and the Republic of Korea (ROK) was kicked off on Sunday morning at the Great Hall of the People in Beijing.

Amid various uncertainties brought by the European debt crisis and regional issues in Northeast Asia and East Asia, the meeting bears great importance for the region, Premier Wen Jiabao said at the start of the meeting.

"At present, the international financial crisis is not over, while the prospect of the European debt crisis is not clear. There are also many unstable, uncertain and unpredictable factors facing Northeast Asia and East Asia," Wen told Japanese Prime Minister Yoshihiko Noda and ROK President Lee Myung-bak.

"At the critical moment, leaders of China, Japan and the ROK exchange views on issues of common concern and strengthen communication and coordination. That bears important significance for protecting regional peace and development," Wen said.

Chinese Premier Wen Jiabao (C) chairs the fifth summit meeting of China, the ROK and Japan at the Great Hall of the People in Beijing, May 13, 2012. [Photo/Xinhua]

The trilateral meeting will be finished on Sunday noon, with the three leaders scheduled to sign cooperation agreements and meet the press together. After that, there will be bilateral meetings among the three Asian neighbors.

Highlights of the meeting will be possible discussion on the situation on the Korean Peninsula after Pyongyang's failed rocket launch in April and an agreement among the three nations on investment promotion and protection.