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China has been the largest trading partner of ASEAN for nine consecutive years. Last year, trade between the two sides exceeded 0 billion.

China cut the one-year interest rate on re-lending funds that aim to help agribusiness and small businesses by 0.25 percentage point to 2.5 percent. After getting the re-lending funds at a favorable rate, small commercial lenders will issue loans to small businesses at a rate of no more than 4.55 percent. The spread between the two interest rates is 205 basis points.

China has been committed to properly handling disputes, cementing cooperation, and safeguarding peace and stability of the East China Sea and South China Sea through talks and consultations directly with related parties, he said.

China has advanced high-speed rail technologies to build safe and cost-effective railways, said Li, adding that he hopes Singapore can support Chinese enterprises' participation in the rail project.

China has made steady progress in opening up the A-share market in recent years. The authorities quadrupled daily transaction limits for stock connects last year, and continuously relaxed regulation of qualified foreign institutional investor schemes, including announcing an end to quota limits of the schemes last week.