Singapore's Minister of State for Trade and Industry Heng Chee How on Wednesday stressed the importance of the island state's trade ties with China, saying that China is now an important growing market for Singapore companies.

China has become a big account for Singapore with non-oil exports growing by 40 percent in 2002 and 34 percent last year, Heng Chee How said while addressing a business conference in Singapore.

The minister said that China is also the most important recipient of Singapore's foreign direct investment with cumulative contractual investments reaching 45 billion US dollars last year.

The minister expressed the confidence that Singapore can cement its ties with China further by exploring new areas of bilateral cooperation.