Singapore and China on Tuesday signed agreements to cooperate on a host of areas including moves to boost the trade in services, set up a "smart city", and promote Singapore and Chinese companies in third countries.
The two countries will also introduce direct trading between their currencies.
A total of seven agreements were signed after Deputy Prime Minister Teo Chee Hean and visiting Chinese Vice-Premier Zhang Gaoli co-chaired meetings of three Singapore-China bilateral bodies.
The meetings of the 10th Joint Council for Bilateral Cooperation (JCBC), the 15th Suzhou Industrial Park Joint Steering Council (JSC) and the sixth Tianjin Eco-City JSC were all held on Tuesday morning. Mr Zhang is in Singapore on a three-day official visit that ends on Wednesday.
DPM Teo told reporters at a press conference that this year's meeting of the JCBC was especially important given that China is entering a new phase of its growth. He said that a move to refresh the JCBC - the top bilateral body - would help set the agenda for the relationship.