BOGOR, INDONESIA - Indonesian President Joko "Jokowi" Widodo hosted China's premier on Monday and the two oversaw the signing of several memorandums aimed at boosting trade between the nations.

After meeting with Premier Li Keqiang at the ornate presidential palace in Bogor, Jokowi said two countries of their sizes should be able to provide benefits for peace, stability and the welfare of the world. China is the world's most populous country and Indonesia is the fourth most populous.

Jokowi said they discussed efforts to improve economic cooperation and that China agreed to import an additional 500,000 tons of Indonesian palm oil.

Indonesia is Southeast Asia's largest economy and China has become its largest trading partner in the past years.

In 2015, China won a contract to build a $5.2 billion high-speed rail line from Jakarta to the West Java's city of Bandung. That project is now stalled and Li is expected to seek to help resolve some of the problems surrounding it.

Li is also expected to meet the Association of Southeast Asian Nations Secretary General Lim Jock Hoi in Jakarta.