Chinese Premier Wen Jiabao met Friday with visiting Singaporean Deputy Prime Minister Lee Hsien Loong.

Wen congratulated the success of the first conference of the bilateral cooperation joint committee between the two countries, which was jointly presided over by Chinese Vice Premier Wu Yi and Lee.

Proceeding from their own specific development strategies and advantages, the two countries have agreed on major cooperative fields and formed a bilateral cooperation joint committee, said Wen.

"It can be said that the cooperation of the two countries has a clear direction, a sound mechanism and a bright future," said the premier.

Wen said Singapore has been an important economic partner of China. At present, the investment of Singapore in China has reached 23 billion US dollars while the number of Chinese enterprises in Singapore has topped 1,100.

It should be specially mentioned that the industrial park in Suzhou, a scenic city in east China's Jiangsu Province, after ten years of construction, has become one of the most competitive industrial parks in Asia and a model of Sino-Singaporean mutually beneficial cooperation, Wen said.

Lee said Singapore has decided to recognize the full market economy status of China.

He highly valued the fast development of bilateral relations, saying the leaders of the two nations decided major cooperative fields two years ago and related cooperation have made fruitful achievement.