The decision to elevate bilateral ties followed a meeting earlier this year between PM Lee and Chinese President Xi Jinping in Beijin.
Singapore's Ministry of Foreign Affairs (MFA) said at the time that the upgraded partnership reflects the commitment by both sides to continually expand bilateral cooperation, as well as pursue new collaboration in forward-looking areas such as digital and green economies, the news site added.
On Friday, Mr Lee and Mr Wang discussed how to expand and enhance collaboration that would benefit both countries and the region, MFA said in a press statement.
Mr Wang also updated Mr Lee on China's foreign policy priorities.
Mr Lee welcomed China's continued engagement with the Association of Southeast Asian Nations (ASEAN) and looked forward to closer ASEAN-China cooperation, said MFA.
"Both sides affirmed the importance of building an open, peaceful and inclusive region," it added.
Mr Wang also called on Deputy Prime Minister and Finance Minister Lawrence Wong.
"They took stock of the good progress in bilateral cooperation, anchored by our three government-to-government projects in Suzhou, Tianjin and Chongqing, and institutionalised platforms such as the Joint Council for Bilateral Cooperation (JCBC)," MFA said.
Mr Wong also expressed in-principle support for China's interest to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - a trade pact based around the Pacific rim.
The trading bloc was agreed in 2018 between 11 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The United Kingdom announced in July that it had formally signed a treaty to join CPTPP, making it the European nation to join the bloc.
China submitted an application to join the partnership in September 2021.
This would require China to adhere to the CPTPP’s high-standard rules and comprehensive market access commitments, MFA noted.
"Its interest to join the partnership also has to be worked out between China and all CPTPP partners, on the basis of consensus," the ministry added.
Mr Wong also welcomed China’s application to the Digital Economy Partnership Agreement (DEPA), a pact between Singapore, Chile and New Zealand to facilitate digital trade and create a framework for the digital economy, Channel News Asia added.