China and Singapore have agreed to upgrade their bilateral relations to a new level of “higher quality cooperation,” according to a joint statement released by both countries on Thursday.
Chinese State Councilor and Foreign Minister Wang Yi, who is currently on an official visit to Singapore, held talks with his Singaporean counterpart Vivian Balakrishnan on Wednesday.
During the meeting, the two sides pledged to deepen cooperation in various areas, including the Belt and Road Initiative, trade, investment, finance, and science and technology. They also agreed to promote people-to-people exchanges and enhance mutual understanding and trust.
Wang said that China regards Singapore as a good friend and partner in Southeast Asia, and that the two countries should maintain the momentum of high-level exchanges and deepen cooperation in various fields.
Balakrishnan said that Singapore is willing to further promote practical cooperation with China and jointly contribute to regional and global prosperity and stability.
The two sides also discussed regional and international issues of common concern and reached a consensus on promoting regional peace, stability, and development.
This upgrade of China-Singapore relations comes as the two countries mark the 30th anniversary of diplomatic ties this year. China is Singapore’s largest trading partner and largest foreign investor, while Singapore is China’s largest foreign investor.
The two countries have maintained close economic and trade ties over the years, with the China-Singapore Free Trade Agreement and the China-Singapore Suzhou Industrial Park serving as important platforms for cooperation.
The upgraded relations between China and Singapore are expected to deepen cooperation and promote mutual benefits, and contribute to the development and stability of the Asia-Pacific region.