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Wu Yi Calls on China-Singapore Economic Cooperation for Better Future

The meeting of the 4th Singapore-China Joint Council for Bilateral Cooperation was convened on July 11,jointly chaired by Chinese Vice Premier Wu Yi and Deputy Prime Minister Wong Kan Seng of Singapore.

Chinese Vice-premier Wu Yi gave a speech at the luncheon of Singapore Chinese Chamber of Commerce and Industry on July 11, giving stress to the deepening of China-Singapore cooperation in various fields to build a better future for mutual benefit.

Wu Yi says:"Since the reform and opening up, China has made tremendous progress in economic construction and social development by giving first priority to development and adhering to peaceful development. In implementing "the 11th 5-year plan", China is speeding up the construction of well-to-do society under the strategic ideas of scientific development and building up a harmonious society." She emphasized that in opening to the outside world, "China will continue to adopt the mutual benefit and win-win strategy, combine the introduction of foreign investment with the upgrading of domestic industrial structures and technological levels, and deepen international economic and technological cooperation for mutual benefit."

Chinese Vive Premier Wu Yi speaks at the luncheon of Singapore Chinese Chamber of Commerce and Industry on July 11.

Wu Yi makes positive evaluation of the remarkable results in the economic and trade cooperation between China and Singapore. The bilateral trade volume last year reached US$ 40.85 billion, and Singapore has become the 7th biggest trade partner of China and the largest foreign investor in China from ASEAN. Currently, 118 Chinese enterprises have been publicly listed in Singapore. The two countries have carried out effective cooperation in science and technology, culture, public health, education, and quality inspection, as well as in investment cooperation in new and hi-tech industries, communication and transportation, chemical industry, and paper pulp making, etc. Last year, Singapore became the first country in the world to received over a million Chinese tourists annually. The major project between the governments of China and Singapore, Suzhou Industrial Park, has been a successful example of China's economic and technological cooperation with the outside world.

Deputy Prime Minister Wong Kan Seng of Singapore meet Chinese Vice Premier Wu Yi at the
Fourth China-Singapore Joint Steering Council Meeting held in Singapore on July 11.

Wu Yi says that ideal opportunity exists now for economic cooperation between China and Singapore with great potentials and wide fields. She puts forward four points of proposals for the future economic cooperation: 1. The two sides will take up service industry as the major field of expanded cooperation; 2. Cooperation should be strengthened in the field of energy conservation, environmental protection, and urban construction to achieve tangible results; 3. China welcomes Singapore to participate in the regional development in China, and encourages Singaporean enterprises to invest in the western regions of China; 4. The two sides should actively explore the way "to enter the rest of the world" and explore third-country markets, including allied investment.

Wu Yi stresses that Singapore is China's important cooperation partner, and the deepened cooperation in various fields will not only bring interest to the people of the two countries, but also promote the stability and prosperity of the region.

Senior Minister Goh Chok Tong and Deputy Prime Minister Wong Kan Seng, along with 500 personages from industrial and commercial circles of Singapore, attended the luncheon. Present at the luncheon from the Chinese side are Bo Xilai, Minister of Commerce, Li Changjiang, Head of National Quality Inspection Bureau, Li Chaoyuan, Secretary of CPC Jiangsu Provincial Committee, and others.

Senior Minister Goh Chok Tong met the visiting Chinese Premier Wu Yi on July 11.

July 11, 2007

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