SANYA - Chinese President Hu Jintao and Spanish Prime Minister Jose Luis Rodriguez Zapatero met in Sanya on Thursday and two leaders agreed to boost bilateral ties and deepen cooperation.

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President Hu said China and Spain had in recent years achieved remarkable progress in bilateral cooperation in various areas.

Economic cooperation of the two countries has expanded from trade to investment, technology and emerging industries, Hu said, noting that telecommunication, finance and renewable energy are becoming new hotspots of cooperation.

Hu said China attaches great importance to the bilateral relations with Spain, and is willing to promote trade and facilitate investment with the country.

Zapatero is in the south China's island province Hainan to attend the annual meeting of the Boao Forum for Asia (BFA) on Friday.

Zapatero said Spain is ready to further cooperation with China, intensify high-level exchanges and strengthen political exchanges.

Spain hopes the European Union will recognize China's full market economy status as soon as possible and lift the arms embargo to China, Zapatero said.

He said he hopes that the two countries would deepen coordination and cooperation under the multilateral mechanisms such as the Group of 20.

China and Spain set up diplomatic ties 38 years ago, and the two countries established a comprehensive strategic partnership in 2005.