Luo Haocai, a senior Chinese political advisor, said on Monday he hoped China and the Republic of Korea (ROK) will further expand economic and trade cooperation to realize the goal set by the leaders of both countries.

"I hope we will further expand our economic and trade cooperation, to realize the goal of US$200 billion of bilateral trade volume by the year 2012," said Luo in a meeting with visiting Chairman of the Korea International Trade Association Lee Hee-Beom.

Luo, who is vice-chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said trade volume between China and ROK from January to October has reached US$129.7 billion and will hopefully top US$150 billions for the whole year.

He hailed the smooth development of cooperation between the two countries since the establishment of diplomatic ties 15 years ago.

Lee spoke highly of the economic and trade ties between China and ROK and said he will continue to make his efforts to deepen such ties.

After the meeting, Luo granted an award to Lee to honor his contribution to China-ROK friendship.

Lee is visiting China as head of a purchasing delegation of ROK enterprises.