Speaking in an interview with Chinese correspondents based in Singapore ahead of his official trip to China, Mr Lee said Asia is now "the brightest spot in the global economy".
He pointed to how Singapore and China can work together to develop capabilities and upgrade each other's economies for the long term, but also noted how this pattern will change as China progresses to a more highly skilled economy.
"And I think Singapore is moving forward, because we also do not want to remain where we are indefinitely. We have to have better standards of living, higher skills, more productive workers, more competitive economy," said Mr Lee.
"So I see ourselves developing more capabilities and we hope that these will also be capabilities which will have a market in China and which will complement what China is doing. There will always be room for different economies to do different things; it is a very big world."
Mr Lee arrived in Chengdu yesterday on the first leg of a six-day visit to China at the invitation of Premier Wen Jiabao. He was hosted to dinner by Sichuan Provincial Party Secretary Liu Qibao last night, and the Prime Minister will visit the Singapore-Sichuan Hi-Tech Innovation Park, which is a private sector-led project supported by the two governments.
During the interview, Mr Lee was asked about the South China Sea maritime dispute between China and some ASEAN member countries. He said that, while Singapore is not a claimant state, the country has an interest in ASEAN being strong, cohesive and effective in solving issues to maintain peace in the region. There is also interest in freedom of navigation since Singapore is heavily dependent on international trade.
Mr Lee pointed out that it is important that disputes are settled in line with international laws, particularly that of the United Nations Convention on the Law of the Sea.
He explained that Singapore is a small country and, if arguments are settled by force, it would create a "very disorderly international environment" which would prove to be "bad for all countries".
Mr Lee also responded to a question on how far Singapore needs to go before achieving its aim of being an offshore international centre for renminbi (RMB), the Chinese currency.
Mr Lee felt there is "some distance to go". So far, it is understood that Singapore will be an RMB centre and one of the Chinese banks will be designated an RMB clearing bank. As to which is the bank, he said it is up to China to decide.
On a lighter note, Mr Lee said he is looking forward to the two Chinese pandas - Jia Jia and Kai Kai - which are expected to arrive in Singapore from Chengdu on Thursday. He said their arrival is a sign of friendship between Singapore and China.
"I hope two will come, and maybe three will go home," added Mr Lee. Channel NewsAsia
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