Chinese President Hu Jintao said here Thursday that China and Singapore should strive to create new opportunities for bilateral cooperation in an effort to achieve economic recovery at an early date.

Hu made the remarks during a speech at a reception held by Singapore business circles, which was also attended by Singapore's Deputy Prime Minister Wong Kan Seng.

Chinese President Hu Jintao delivers a speech during a reception held by Singapore business circles in Singapore, Nov. 12, 2009.

The Chinese president expressed full confidence in the prospect of China-Singapore trade and economic cooperation, calling for the two nations to work together to create an even brighter future for their mutually beneficial cooperation.

China and Singapore have maintained close high-level contacts and achieved fruitful cooperation in various fields since they established diplomatic ties in 1990, said Hu, who is on a state visit to Singapore.

Singapore has now become an important cooperative partner of China in the ASEAN region and bilateral trade and economic cooperation between the two nations have been growing steadily, the Chinese president said.

"China-Singapore cooperation has always been closely connected with the development strategy of both countries and progressed with times," Hu said.

The "flagship projects" in bilateral cooperation, including the Suzhou Industrial Park and Tianjin Eco-City projects, have seen remarkable achievements and smooth progress, Hu said.

He added that the implementation of a free trade arrangement between China and Singapore has helped raise the level of their economic cooperation.

The friendly and mutually beneficial cooperation between China and Singapore has not only brought about substantial benefits to their people, but also helped promote regional peace, stability and prosperity, he stressed.

China will staunchly adhere to the path of peaceful development and the opening-up strategy for mutual benefits and win-win situations. It will continue to develop friendly cooperation with countries around the world on the basis of the five principles of peaceful coexistence, the president said.

The country will also continue to work with nations globally to strive to build a harmonious world with lasting peace and common prosperity, he said.

The business circles of Singapore voiced their belief that a stable and prosperous China would bring benefits to the region and the world as a whole.

They also expressed the willingness to continue to play an active role in advancing mutually beneficial cooperation and bilateral ties between Singapore and China.

Trade between China and Singapore reached 52.4 billion U.S. dollars in 2008, up 10.5 percent year-on-year.

Up until now, Singapore has made investments worth more than 40 billion U.S. dollar in China. It has become one of the top overseas investment destinations for Chinese companies.

Editor: Guo Changdong Source: Xinhua