Chinese Foreign Minister Wang Yi met with visiting Singaporean Foreign Minister Vivian Balakrishnan on Monday. The two ministers agreed that 2016 is the first year to elevate bilateral relationship to an all-round partnership, which was the agreement made during Chinese President Xi Jinping's visit to Singapore in October last year.

Chinese Foreign Minister Wang Yi meets with his Singaporean counterpart Vivian Balakrishnan in Beijing on February 29, 2016.?

Wang Yi also said the two sides will make sure the third government-to-government project, the Chongqing Interconnectivity and Logistics Initiative, will be a success.

Minister Wang said the two sides should work together to conclude negotiations on upgrading the free trade agreement between China and Singapore. Wang Yi also expressed hopes that Singapore will become a financial platform in the building of the Maritime Silk Road.

While meeting the media after the talks, Wang Yi said China believes Singapore will continue to play a constructive and positive role in maintaining stability and security in the region.

"The South China Sea is not an issue between China and ASEAN. And many ASEAN countries do not wish to see specific forces in playing up and expanding the matters. I told Foreign Minister Vivian that China's position remains unchanged, we will continue to proceed with the dual-track approach and promote cooperation with the relevant countries. We believe the specific disputes should be settled by these countries through dialogue and negotiation. And this is stipulated in Article Four of the DOC. At the same time, China is ready to work together with ASEAN to implement the DOC, and accelerate the consultation on the COC," Wang said.