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China and Singapore agreed on Thursday to develop Suzhou Industrial Park as the world's most competitive high-tech industrial base.

Chinese Vice Premier Wu Yi and Singaporean Deputy Prime Minister Wong Kan Seng co-chaired the eighth meeting of the joint steering committee of the Sino-Singaporean cooperative project launched in 1994.

The committee set targets to be reached by 2010, including maintaining an economic growth rate of 20 percent and doubling major economic indexes from those of last year.

The committee praised the progress in construction and development since the seventh meeting in May 2004, noting that annual economic growth had remained at 25 percent.

The park had approved 981 foreign-invested projects, with a contractual investment of 25.8 million U.S. dollars and actual investment of 11 billion dollars.

The park had sent 374 staffs for training in Singapore since May 2004.

Wong is paying an official visit to China from August 21 to 27 at the invitation of Wu.