President of the Republic of Korea Roh Moo-hyun announced Wednesday that his country has recognized China's full market economy status.

Roh made the announcement during a joint press conference with Chinese President Hu Jintao, who is here on a state visit to ROK.

Hu said that the recognition will strongly advance the economic and trade cooperation of the two countries and promote the development of bilateral relations.

China is now the largest trading partner of ROK, with trade volume between the two countries expected to reach 100 billion US dollars this year.

The two leaders agreed that bilateral trade volume should be doubled to 200 billion US dollars in 2012.

Source: Xinhua