To this end, Li said, China is willing to set up a ministerial-level coordination mechanism with South Korea on the establishment of a mutual fund to bolster innovation cooperation between their enterprises.

For his part, Hwang said South Korea and China have made great strides in various fields of cooperation, adding that his country is willing to take Li's visit as an opportunity to expedite the implementation of consensuses reached between the two sides.

South Korea also stands ready to strengthen strategic dialogue, expand innovation cooperation, and actively explore the joint development of third-party markets, he said, while calling on the two sides to promote youth exchanges and enrich bilateral relations, so as to push forward their strategic cooperative partnership.

Li arrived in Seoul on Saturday for a three-day trip, which also included a trilateral summit with Japanese and South Korean leaders on Sunday.