China appreciates that the Republic of Korea (ROK) government's recognition of China's market economy status, said a spokesman of the Ministry of Commerce in Beijing Thursday.

ROK President Roh Moo-hyun announced Wednesday that his country recognized China's market economy status during a joint press conference with Chinese President Hu Jintao, who was on a state visit to the country.

The ROK is an important trade partner of China and also an important country in Asia, and the recognition of China's market economy status is a significant and correct decision of the ROK government, said the spokesman.

"It will not only promote trade and economic relations between the two nations but also help improve the world trade environment, " said the spokesman.

Trade between China and the ROK is expected to reach 100 billion US dollars this year and the two countries have set the goal of raising the bilateral trade to 200 billion US dollars by 2012, 20 years after they set up diplomatic relations.

China believes the recognition of China's market economy status would create a better environment for trade and economic cooperation for the comprehensive development of bilateral economic relations between the two countries, said the spokesman.

Source: Xinhua