Singapore has decided to recognize the full market economy status of China, said visiting Singaporean Deputy Prime Minister Lee Hsien Loong Friday in Beijing.

Lee made the remarks during his meeting with Chinese Premier Wen Jiabao.

He said Singapore's decision was based on recognition of China's achievements in developing a market economy.

Wen said Singapore's decision to recognize China's full market economy status is a friendly action that is highly welcomed by the Chinese government.