Peruvian President Alejandro Toledo Manrique said here Saturday that Peru recognizes China's full market economy status and is ready to further develop bilateral cooperation in investment, economic and trade.

The Peruvian president made the remarks when meeting with Chinese President Hu Jintao on the sidelines of the 12th Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) in the Chilean capital, according to a press release issued by the Chinese delegation. Both China and Peru are members of the forum.

Toledo said Peru encouraged more Chinese business investment inthe South American country. He also reiterated Peru's One-China policy.

Hu said China appreciated Peru's recognition of China's full market economy status, adding that such move will promote bilateral trade and investment. Peru is China's six largest trading partner in Latin America.

China is willing to consider Peru as a tourist destination for Chinese citizens, Hu noted.

The Chinese president arrived here Thursday for a state visit to Chile and attending the 12th APEC Economic Leaders' Meeting.