"The two leaders will discuss various measures to boost economic cooperation and bilateral exchanges, as well as share in-depth views on regional issues including security concerns on the Korean Peninsula," Principal Deputy National Security Adviser Kim Tae-hyo told reporters in a press briefing in Lima.
Yoon and Xi held their last talks two years ago on the sidelines of the G20 summit in Bali, Indonesia.
The summit comes as Beijing appears to be trying to improve relations with Seoul, while its traditional ally North Korea has been cozying up with Russia, sending troops to support Russia's war in Ukraine.
In an earlier sign of favorable move, China added South Korea to its list of countries eligible for visa-free entry for short-term travelers. Additionally, China appointed Dai Bing as the new Chinese ambassador to Seoul, a more heavyweight compared to most of his predecessors.
Meanwhile, South Korea is also pushing for a summit with U.S. president-elect Donald Trump but it is unlikely as he would be tied up with other preparations for his return to the White House.
But the leaders of South Korea, the U.S., and Japan are set to have trilateral talks on the sidelines of the summit to discuss a "coordinated set of policy decisions" in response to North Korea's troop deployment to Russia and other issues.
Washington's national security adviser Jake Sullivan said on his way to Lima on Thursday that the three countries would set up a secretariat to "institutionalize" trilateral cooperation after the talks.
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