2015年CRI New Deals Aim to Boost China-Singapore Cooperation（在线收听）

Among the accords is a long-anticipated deal over negotiations to upgrade the seven-year-old China-Singapore free trade agreement.

Zhang Jianping, a foreign trade expert with China's top economy planner, NDRC, says it's expected to meet the increasing needs of bilateral businesses and create more room for future cooperation.

"As free trade and investment is gaining further momentum around the world, it's necessary for China and Singapore to upgrade their FTA to boost bilateral trade, mutual investment and the cooperation between relevant sectors of the two sides. Once upgraded, it's likely to create more jobs for both sides."

The existing China-Singapore FTA was signed in October 2008.

It came into force on Jan. 1 next year.

It was China's first comprehensive bilateral FTA with another Asian country.

The FTA deal is among those signed earlier Saturday in the presence of President Xi Jinping and Singaporean Prime Minister Lee Hsien Loong.

One of those agreements concerns the third government-to-government project between the two sides.

Under the deal, the two sides will join hands to build Chongqing in southwestern China into an important nodal point for the "Belt and Road" initiative.

The latest deal follows the success of two previous G-to-G projects -- the Suzhou Industrial Park established in 1994 and an Eco-city project inaugurated seven years ago in Tianjin.

Chongqing, one of China's four municipalities, has seen a fast-growing economy since 2014.

The city's economy expanded by 11 percent in the first three quarters of this year.

Singapore Business Federation chairman Teo Siong Seng says the Chongqing project is different from the previous two as it will target China's central and west regions.

Teo is looking forward to the opportunities the new plan will bring.

"Apart from being an important transit center for Southeast Asia, Singapore has also advantages in finance, communications, e-commerce and logistics. We hope to fully play these advantages for the third project."

Xi arrived in Singapore after wrapping up his state visit to Vietnam on Friday.

The two sides have agreed to redefine their ties as a partnership of 'all-round cooperation' in keeping with the times.

For CRI, I'm Luo Wen.