China is currently at an inflexion point and its development will inevitably be an uneven process, Prime Minister Lee Hsien Loong said on Wednesday evening.

As such, "we should not be caught up with short-term sentiments... we should step back and take a long-term view" of the country, he said at a dinner to celebrate the Business China Awards.

Although China is now facing complex economic and social challenges with no straightforward solutions, the outlook is optimistic as its people are "driven" and its leaders "clear minded... and committed to reforms", PM Lee added.

The Business China Awards dinner was held at the Resorts World Convention Centre in Sentosa. The awards, given out by Business China and OCBC Bank, honour businessmen, entrepreneurs, professionals and enterprises for their contributions in strengthening Singapore-China relations, as well as promoting bilingualism and biculturalism in Singapore.

Business China is a group promoting economic and cultural ties between Singapore and China. It was launched in 2007 by former prime minister Mr Lee Kuan Yew and then Chinese Premier Wen Jiabao.

At the event, PM Lee was also appointed the new patron of Business China, succeeding his father in the role.