On the morning of May 14, 2004, Vice Premier Wu Yi of the State Council held talks with Singaporean Deputy Prime Minister Lee Hsien Loong at the Great Hall of the People and the two sides co-hosted the first meeting of the Joint Council for Bilateral Cooperation.

Vice Premier Wu indicated that since the establishment of China-Singapore diplomatic relations 14 years ago, leaders of the two countries have correctly steered the orientation of development for China-Singapore relations by always focusing on the common interests of the two peoples from a strategic perspective, so as to maintain the momentum of sound and steady development.

Wu said that the Chinese government has always attached great importance to its relations with Singapore. In 2002, leaders of the two countries reached significant consensus on enhancing bilateral cooperation in the following four key areas: high-tech, China's western development, the "go global" strategy for Chinese businesses and personnel exchanges and training. To implement the above-mentioned consensus and promote bilateral comprehensive cooperation, the two governments established the Joint Council for Bilateral Cooperation last year. Currently there are both definite objectives and a sound mechanism for China-Singapore cooperation. Vice Premier Wu put forward a range of concrete proposals on how to push forward bilateral cooperation in key areas, which were well-received by the Singaporean side.

Wu expressed her deep appreciations to Singapore for being the first nation among the ASEAN countries to recognize China's market economy status. She said that China and Singapore are each other's important economic and trade cooperation partners wth bilateral trade volume reaching nearly US$20 billion in 2003. With concerted efforts by the two sides, the trade volume between China and Singapore in 2010 is expected to exceed US$50 billion. Wu noted that the Chinese side welcomes Singapore's participation in the strategy of rejuvenating the old industrial bases in Northeast China, and in the upcoming first China-ASEAN Expo in Nanning this November. Wu indicated that China welcomes Singapore to join the zero-tariff agreement on fruits and vegetables between Thailand and China, and would like to work closely with Singapore to actively push for the construction of the China-ASEAN Free Trade Area and to discuss the acceleration of trade liberalization between the two countries within this framework.

Deputy Prime Minister Lee Hsien Loong expressed his pleasure to hold talks and host the first meeting of the Joint Council for Bilateral Cooperation together with Vice Premier Wu Yi. Agreeing with Vice Premier Wu's proposals on developing bilateral relations, he said that Singapore sincerely hopes and is willing to actively promote bilateral economic and trade, as well as investment cooperation and to continuously upgrade the relations between the two countries to a new level. He noted that the Singaporean government stands ready to work together with the Chinese government to continue to do a good job in the Suzhou Industrial Park in a bid to make it a model for Singapore-China cooperation, and would like to take an active part in China's efforts to develop the western region and rejuvenate the old industrial bases in Northeast China. The Singaporean government hopes that the two sides will continue their discussions on revising the Agreement Between the Government of the People's Republic of China and the Government of the Republic of Singapore for the Avoidance of Double Taxation, and suggests starting negotiations on the issue of bilateral trade liberalization this November.

Lee Indicated that Singapore has always given high priority to the ASEAN's cooperation with China, and would like to further strengthen bilateral cooperation in this field and to promote continuous development of China-ASEAN Free Trade Area. The two sides also exchanged views on regional and international issues of common interest.

Director of the State Development and Reform Commission Ma Kai, Minister of Commerce Bo Xilai, Vice-Minister of Science and Technology Ma Songde, Assistant Foreign Minister Shen Guofang and some other officials attended the talks.

Following the talks, Wu and Lee jointly attended the signing ceremony of nine cooperation documents on such issues as the China Trade Center and the China-Singapore Foundation. After the ceremony, Vice Premier Wu held a welcoming banquet for her Singaporean counterpart on his visit to China.