China welcomes Singapore in joining AIIB: Xi

Chinese President Xi Jinping (R) meets with Singaporean President Tan Keng Yam in Nanjing, capital of east China's Jiangsu Province, Aug. 16, 2014. (Xinhua/Xie Huanchi)

Chinese President Xi Jinping said on Saturday that China welcomes Singapore's confirmation it will join the Asian Infrastructure Investment Bank (AIIB) as one of the founding members.

Xi and his Singaporean counterpart Tan Keng Yam had a meeting on the sidelines of the Second Youth Olympic Games, due to open later on Saturday in Nanjing, capital of eastern China's Jiangsu Province.

Singapore is willing to push forward the establishment of AIIB with China and actively promote international business in renminbi (RMB), China's currency, Tan said.

Many countries have voiced interest in the bank since President Xi proposed it during his visit to Southeast Asia in October 2013.

Xi also said he hopes the two countries can promptly establish a joint research center "to provide intelligent support" for bilateral cooperation.

Xi spoke highly of the rapid growth of China-Singapore relations and urged the two countries to maintain high-level exchanges, increase mutual political trust, respect the core interests and major concerns of the other side, and exchange views on major issues in a timely manner.

He proposed deepening bilateral cooperation on flagship programs, including the Suzhou Industrial Park and Tianjin Eco-city. "China welcomes Singapore's participation in the development of China's western areas," he added.

He also suggested the two sides make good use of relevant mechanisms between the two countries and between China and ASEAN for promoting liberalization and ease of trade, investment and service sectors.

Tan said Singapore is confident in China's development and pledged to develop friendly and cooperative relations with China in the long run.

The year 2015 marks the 25th anniversary of the establishment of diplomatic ties between China and Singapore. Singapore is willing to review experience and enhance exchanges at all levels, Tan said.

"I welcome President Xi to pay a state visit to Singapore," Tan said.

On the situation in Asia, Xi stressed that the continent has become the world's most dynamic region with huge potential. "Asian countries should seize the opportunity, continue to sing the song of peace, development and win-win cooperation, and properly manage and control conflicts and disputes to achieve common development," he said.

China supports the Association of Southeast Asian Nations (ASEAN) in its development as well as in building community and playing a leading role in regional cooperation, Xi said, adding that China hopes Singapore will play a constructive role in China-ASEAN relations.

In return, Tan said Singapore will continue to make bigger contributions to enhancing mutual trust and cooperation between ASEAN and China to promote peace, stability and prosperity in the region.