China will follow the path of peaceful development and mutually beneficial strategy as it opens up further to the outside world, President Hu Jintao said Tuesday.

    His remarks come just two days after the close of the Beijing Olympics, which showcased China's policy of friendship and harmony.

    Addressing a luncheon hosted by the Republic of Korea's (ROK) business leaders on the last day of his visit to that country, Hu reiterated that China's development policy is based on peace, opening-up and cooperation.

    China will work with the rest of the world to establish harmony, lasting peace and prosperity across the globe.

    Trade cooperation has played a vital role in boosting bilateral ties between China and the ROK, he said. The trade volume between the two countries reached nearly $160 billion last year, a 32-fold increase since they established diplomatic relations 16 years ago.

    Their two-way investment has seen an almost 90-fold increase to cross $41 billion.

    China and the ROK have similar cultures and complementary economies, Hu said. Which means they enjoy natural and cultural advantages in developing trade and economic cooperation.

    Earlier, Hu and his ROK counterpart Lee Myung-bak met with representatives of Chinese and ROK youths and attended a tree-planting program.

    Hu held talks with ROK Prime Minister Han