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As the world's most populous country, second-largest economy, and with an increasingly important diplomatic role, China needs to cooperate with other countries, said Pardo.

The central delegation presented the regional government with souvenirs,including a plaque inscribed with President Xi Jinping's words "building a beautiful Xinjiang, accomplishing the motherland's dream together."

We live in a changing world full of new opportunities and challenges. The international system and order are undergoing profound adjustments, with the balance of power shifting in favor of peace and development. The trend of our times featuring peace, development and win-win cooperation is becoming more pronounced. On the other hand, there are a multitude of new and tough challenges. The world economy has not recovered from the lingering impact of the global financial crisis. Poverty and other worldwide problems still persist. Regional hotspot issues keep flaring up. Terrorism, cyber-security and other unconventional security threats are on the rise. All in all, achieving world peace and development is a long and uphill battle.

The two sides are looking to explore new areas that will bring mutual benefits, according to Feng.

MAS said corporates in Suzhou and Tianjin will be allowed to repatriate 100 percent of the proceeds raised from bonds issued in Singapore. This greater flexibility will provide a stronger incentive for corporates in Suzhou and Tianjin to raise RMB funds in Singapore.