Chinese President Hu Jintao on Friday asked South Korea to recognize China's status as a full market economy.

Seoul's recognition will help enhance bilateral economic cooperation as China has become South Korea's largest trading partner, Hu told his South Korean counterpart, Roh Moo-hyun.

Such a recognition is of mutual benefit and will create a win-win situation, said Hu, who met Roh on the sidelines of the Asia-Pacific Economic Cooperation forum meeting in Santiago.

The Chinese leader briefed Roh on China's achievements in economic reform since the country opened its doors in the late 1970s and emphasized that his country has taken decisive steps to establish a market economy system.

Roh said he has asked South Korean agencies to submit a report on China's market economy status as soon as possible.

Roh said his country has high hopes for bilateral relations as it believes that China's success will bring more business opportunities.

Hu said cooperation has been deepened since the two leaders announced the establishment of a full-range partnership in Beijing last year.

The two countries now have political trust and mutual understanding and work to address each other's concerns, Hu said.

Economically, it is becoming ever more evident that the two economies are highly complementary and that there is a huge cooperation potential.

Exchanges in culture, education and tourism have also been fruitful, said the Chinese president.

In regional affairs, the two countries have maintained good consultations and coordination, Hu said. He expressed the hope that China and South Korea, both important countries in the region, should work even harder to further strengthen regional cooperation with a view of regional peace and development.