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Built on the past success, China and Singapore have gone beyond major projects to expand their cooperation into new areas such as financial services, services trade as well as social management.

Innovations in business transactions have spurred growth, he said, urging more streamlined efforts in areas such as customs clearance for efficiency.

Two-way trade soared to a record high of 94.8 billion dollars last year, while trade in the first seven months of 2013 jumped 14.9 percent to 59.72 billion dollars.

China is currently undergoing reforms to adjust its economic structure, Xi said, adding that the Chinese side is confident of achieving constant and healthy economic development and providing more opportunities for bilateral cooperation.

On the occasion, the city's party leader informed the guests of the city's socio-economic development, adding that the city has attached importance to cooperation and promotion of relations with Chinese localities, including Chinese companies and investors.