China's president, Xi Jinping and South Korea's Park Geun-hye issued a joint statement that confirmed a more aggressive stance toward the unabated development of nuclear weapons by North Korea, according to the NY Times.

The released statement said that the "two countries reaffirm their firm opposition to the development of nuclear weapons on the Korean peninsula."

With President Xi Jinping at her side, Leader Park Geun-hye reportedly read a statement that stated that the two leaders had agreed that the "denuclearization of North Korea must be achieved at all costs."

The difference in the use of terminology used by China (Korean peninsula) and South Korea (North Korea), showed the hesitance of China to single out the North Koreans and force them to give up their nuclear weapons for fear of creating instability that would spill over the borders, according to Chinese and South Korean analysts.

In the midst of the joint agreement regarding North Korea's nuclear developments, China and South Korea have reportedly agreed to strengthen economic ties.

A statement from South Korea's finance ministry and central bank said the South Korean won will become directly exchangeable with the yuan, joining major currencies such as the U.S. dollar, Japanese yen and euro that are convertible with the Chinese currency, according to the Washington Post.

At a press conference, Park reportedly stated that South Korea and China will try to complete long-running free trade talks by the end of this year.

"Through these measures, exchange between companies and citizens in the two countries will becomes faster and more free," stated Park.