SINGAPORE -- The bilateral economic and trade cooperation between China and Singapore has been expanding fast from the coastal areas to the vast inland of China, Chinese Ambassador to Singapore Wei Wei said on Sept 27.

Speaking at a ceremony in celebration of the 62nd anniversary of the founding of the People's Republic of China (on Oct 1) hosted by the Chinese embassy, Wei said the bilateral trade in the first half of this year has expanded by 14.2 percent year-on-year to $31.5 billion, following a total of $57.1 billion last year.

"We have had mature and close bilateral ties and solid basis of friendship. The exchange of visits by leaders and senior officials has been ever more frequent and the practical cooperation has been growing fast," he said.

Wei said the Chinese government is committed to economic restructuring and the transformation of its growth models while building a harmonious society.

The Chinese government is aware that there exist various challenges but is confident that the country can have sustained stable and fast growth, he said.

Wei cited the landmark cooperation projects between the two countries such as the Suzhou Industrial Park, the Tianjin Eco-City, the Guangzhou Knowledge City -- all in the eastern coastal area -- as well as the recently launched joint venture project of Sichuan Hi-tech Innovation Park in the southwestern city of Chengdu.

"The highlights of the cooperation has been expanding from the coastal areas in the east to the inland areas in the west," he said, adding that the two countries were also exploring cooperation opportunities in finance such as renminbi trade clearing and central bank cooperations.

Lim Swee Say, minister in prime minister's office of Singapore, said the growing number of major cooperation projects is a reflection of the ever-closer cooperation between China and Singapore.

"Chinese economy has been a stabilizing force and an engine of growth for the Asia Pacific, helping the region out of the global financial crisis. China's prosperity has also been instrumental for the region's sustained peace and stability," he said. "I have no doubt China will continue to grow."

Wei also noted that China and the Association of Southeast Asian Nations (ASEAN) have witnessed "plenty of achievements" in their bilateral ties since the establishment of dialogue relations between them 20 year ago.

The common interests between China and some countries of the ASEAN far outweigh the differences over certain specific issues between China and some countries of the ASEAN, he said.

There has been recently hype over the South China Sea issue to make it an overblown factor of disharmony and China has been constant in upholding the policy of shelving the differences for joint exploration, he said.

"Whatever the others said, there will be no change in China's determination and the policy of safeguarding stability in the South China Sea and maintaining the relationship with ASEAN," he said.

China will pursue peace and development, and "we have proved this by what we did and will prove it by what we do," he added.