07 Nov 2015
President of the People’s Republic of China His Excellency Xi Jinping met Prime Minister Lee Hsien Loong today. PM Lee and President Xi agreed that bilateral relations have grown significantly since the establishment of diplomatic ties 25 years ago. Over the years, the bilateral relationship has kept pace with the changing needs and capabilities of the two countries. Building on the excellent relationship founded by the pioneer leaders of both sides, especially the late Mr Lee Kuan Yew and Mr Deng Xiaoping, both leaders reaffirmed their hope to expand cooperation in areas including social governance, finance, human resource development, education, cultural and people-to-people exchanges.
PM Lee and President Xi expressed satisfaction with the agreement to launch negotiations on the substantive upgrade of the China-Singapore Free Trade Agreement (CSFTA), to be completed by 2016. Once concluded, the upgraded CSFTA will further elevate our bilateral economic collaboration.
Both leaders also endorsed the launch of the third Government-to-Government project in Chongqing, with the name “China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity”, which will be a priority demonstration project for China’s “One Belt One Road” initiative, the Western Region Development and Yangtze River Economic Belt strategies. Based on the theme of “modern connectivity and modern services”, the third Government-to-Government project will focus on four priority areas of collaboration: (i) financial services; (ii) aviation; (iii) transport & logistics; and (iv) information & communications technology (ICT).
PM Lee and President Xi discussed the importance of characterising our warm and close bilateral relations. They agreed to issue a Joint Statement on the “All-Round Cooperative Partnership Progressing with the Times” to define the forward-looking, innovative, and multi-faceted nature of our bilateral ties.
PM Lee expressed confidence in the long-term outlook for China’s economy. On financial cooperation, both leaders agreed that RMB cooperation has been a highlight in bilateral relations, with great potential to grow further. PM Lee proposed expanding cooperation in capital markets, particularly in stock and derivatives linkages and mutual recognition of fund products. PM Lee expressed strong support for the inclusion of the RMB in the International Monetary Fund’s Special Drawing Rights basket, reflecting the RMB’s growing use as an international currency. PM Lee noted that as China continues to modernise its financial system, it will face complex challenges, but he expressed confidence that China has the right regulatory leadership and expertise to keep the financial system and capital markets stable and healthy, so as to support China’s economy.
President Xi invited Singapore to participate in the G20 Meetings and G20 Summit to be held in China in 2016. PM Lee has accepted the invitation.
PM Lee and President Xi also exchanged views on regional developments. They agreed to strengthen collaboration between ASEAN and China. Both sides will mark the 25th anniversary of dialogue relations in 2016. As the current Country Coordinator for ASEAN-China Dialogue Relations, Singapore will work closely with ASEAN Member States and China to enhance ASEAN-China collaboration.
The two leaders also discussed cross-strait relations. President Xi thanked Singapore for facilitating the meeting between the two leaders from across the Taiwan Strait on 7 November 2015. Singapore has consistently upheld a ‘One China’ policy and supported initiatives that contribute to the peaceful development of cross-strait relations, including direct exchanges between the two sides such as the historic Wang-Koo talks held in Singapore in 1993 and the meeting today between Mr Xi Jinping and Mr Ma Ying-jeou.
Following the meeting, PM Lee and President Xi witnessed the signing of eight Memoranda of Understanding and agreements. These include the exchange of letters for the official launch of negotiations for the CSFTA upgrade, agreements to launch the third Government-to-Government project in Chongqing, and other agreements on education cooperation, urban management, and collaboration between the two Customs. The agreements reflect the breadth and depth of our bilateral cooperation.
Earlier this morning, President Xi and Emeritus Senior Minister Goh Chok Tong co-officiated the opening of the China Cultural Centre, which will help to enhance cultural ties between the two sides. President Xi delivered the 36th Singapore Lecture titled “Forging a Strong Partnership to Enhance Prosperity of Asia” at the National University of Singapore. The session, chaired by Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean, was attended by PM Lee and several Cabinet members and representatives from the government, businesses, think tanks, educational institutions and the diplomatic corps.
President Xi and Mdm Peng Liyuan were hosted to a private lunch by PM Lee and Mrs Lee at the Singapore Botanic Gardens where an orchid hybrid “Papilionanda” was named in their honour. They depart for Beijing this evening.
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MINISTRY OF FOREIGN AFFAIRS
SINGAPORE
7 NOVEMBER 2015