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Enhance China-Philippines economic and trade cooperation

Post Time:2022-11-07 09:42:48

As friendly neighbors separated by a narrow strip of water, China and the Philippines has been deepening economic and trade cooperation in recent years.

China has been the Philippines' largest trading partner for six consecutive years. Over the past six years, China-Philippines trade has grown at an average annual rate of 11.7%. In 2021, China has been the largest trading partner of the Philippines, with Philippine exports to China increasing by 17.53% and Philippine imports from China increasing by 28.42%.

From January to September 2022, China's trade volume with the Philippines was US$65.39 billion, a year-on-year increase of 10.3%.

In the past six years, China's investment in the Philippine agreement reached 161 billion pesos, making it the second largest source of foreign investment in the Philippine agreement, quadrupling from the previous six years. Seventeen of the nearly 40 government-to-government cooperation projects between China and the Philippines have been completed. China-Philippines investment cooperation in digital economy, steel and high-end manufacturing is underway.

In the past six years, the amount of new contracts signed by China in the Philippines has nearly tripled, and the annual scale has exceeded 10 billion US dollars. Chinese enterprises have actively participated in the construction of projects in the fields of Philip Road, ports, power stations, housing, water conservancy and other fields, and have built the largest power station project and the largest photovoltaic unit under construction. The in-depth coordination of China's Belt and Road initiative and the Philippine’s “Build, Build, Build” plan has promoted the vigorous development of investment between the two countries and contributed to the economic recovery and prosperity of the region.

The Philippine government plans to achieve economic growth of 6.5% to 7.5% this year.

In August this year, the China-Philippines Cooperation Forum was held in online-onsite hybrid model. The forum was jointly sponsored by the China-ASEAN Business Council, the RCEP Industry Cooperation Committee and the Embassy of the Republic of the Philippines in Beijing. The main onsite venue was set up at the Embassy of the Republic of the Philippines in Beijing and there are many onsite venues set up in the two countries.

Chargé d'affaires Dinno M. Oblena, Executive President of the China-ASEAN Business Council and Chairman of RCEP Industry Cooperation Committee Xu Ningning, Secretary General of the China Chamber of International Commerce Sun Xiao, Minister Counsellor (Commercial) of the Chinese Embassy in the Philippines Yang Guoliang, Acting Undersecretary/Officer-in-Charge Trade Promotion Group of Department of Trade and Industry Glenn G. Peñaranda delivered speeches successively.

Xu Ningning said in his speech at the China-Philippines Cooperation Forum that in the face of the current turbulent international situation, sluggish world economic growth, the spread of the global epidemic and other unfavorable factors, China and the Philippines, which live next to each other, to enhance cooperation and fully develop the economic and trade complementarity of the two countries is a realistic choice for us to jointly cope with relevant adverse factors and achieve mutually beneficial and win-win development. He put forward five suggestions on enhancing economic and trade cooperation between the two countries:

First, proceeding from the overall situation, long-term and current needs, we should earnestly consolidate and develop the comprehensive strategic partnership between the two countries. With political harmony and commercial complementarity, we should pursue development through cooperation and mutual assistance. With frequent people-to-people exchange, we should consolidate the foundation for good-neighborliness, friendship, and economic cooperation between the two countries.

The second is to focus on industrial cooperation between the two countries, pragmatically promote the communication of industrial plans and policies between the two sides, and create a new industrial chain with complementary advantages, so as to drive the new development of trade and investment of enterprises in the two countries. We should actively strengthen the industrial cooperation between the two countries, and innovate and pragmatically implement the construction of "two countries and two parks".

The third is to enhance cooperation between the provinces and municipalities of the two countries, especially the friendly provinces and municipalities, give full play to the advantages of strong flexibility in provincial and municipal cooperation, and combine the economic characteristics of provinces and municipalities to make the economic and trade cooperation between the two sides more consolidated.

The fourth is to cooperate to seize the business opportunities brought by regional economic integration, and look forward to the early entry into force and implementation of the RCEP agreement in the Philippines.

Fifth, efforts should be made to improve the business environment and enhance the ability of entrepreneurs of the two countries to cooperate internationally, which is an important condition for expanding the scale of trade and investment. Welcome more Filipino enterprises to share China's large market, China-ASEAN Business Council, RCEP Industrial Cooperation Committee will continue to assist, and will continue to assist more Chinese enterprises to enter the Philippines for development.


 History of Friendship 

 

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In 2004, at the Embassy of the Republic of the Philippines in Beijing, Xu Ningning had a talk with the then Philippine Ambassador to China.

 

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In 2006, at the Embassy of the Republic of the Philippines in Beijing, Xu Ningning had a talk with the then Philippine ambassador to China.

 

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In 2010, the then Philippine ambassador to China hosted a banquet for Xu Ningning to exchange economic and trade cooperation between China and the Philippines, accompanied by the president of the Philippines Chamber of Commerce and industry in China.

 

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In 2010, at the Embassy of the Republic of the Philippines in Beijing, the then Philippine Ambassador to China met with Xu Ningning to discuss economic and trade cooperation between China and the Philippines, accompanied by the then Commercial Counselor of the Philippine Embassy.

 

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In 2010, the Embassy of the Republic of the Philippines in Beijing and the China-ASEAN Business Council held a China-Philippines business matchmaking, where 100 representatives of Chinese enterprises and 26 representatives of Philippine entrepreneurs discussed cooperation. At the meeting, the then Philippine ambassador to China and Xu Ningning delivered speeches.

 

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In 2012, the then Commercial Counselor and Agriculture Counsellor of the Philippine Embassy in Beijing visited the China-ASEAN Business Council and held talks with Xu Ningning to strengthen cooperation and promote the economic and trade development of China and the Philippines.

 

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In 2013, at the Embassy of the Republic of the Philippines in Beijing, the then Philippine Ambassador to China met with Xu Ningning, and the two sides exchanged views on enhancing China-Philippines economic and trade relations.

 

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In 2013, the Philippine Food Festival was held at Marco Polo Hotel Beijing, and the then Philippine Ambassador to China invited Xu Ningning to taste Filipino cuisine and enjoy the national performance of Davao.


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In 2015, at the Embassy of the Republic of the Philippines in Beijing, Xu Ningning met with the then Commercial Counselor of Philippine embassy to analyze the current situation of China-Philippines economic and trade cooperation.

 

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In Beijing 2016, Xu Ningning met with the then Chargé d'affaires and Minister Commercial Counsellor of the Philippine Embassy in Beijing to exchange views on cooperation between Chinese and Philippine enterprises.


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In Beijing in 2016, the then Commercial Counselor of the Philippine Embassy in Beijing visited the China-ASEAN Business Council. Xu Ningning had a talk with her about industrial cooperation and enterprise cooperation between China and the Philippines.

 

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In Beijing 2017, Xu Ningning met with the then Philippine ambassador to China to exchange views on enhancing cooperation between Chinese and Philippine industries and their enterprises, and discussing the enhancement of cooperation between the Philippine Embassy and the China-ASEAN Business Council.

 

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In 2019, at the China-ASEAN Business Council, Xu Ningning met with the then Commercial Counselor of the Philippine Embassy to discuss China-Philippines economic and trade cooperation and discuss specific work-related affairs.

 

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In Beijing 2019, at the Embassy of the Republic of the Philippines in Beijing, Xu Ningning met with the then Philippine ambassador to China to discuss and promote China-Philippines economic and trade cooperation, including: China-Philippines digital economy cooperation, industrial cooperation, trade and investment cooperation, etc.

 

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In 2021, at the Embassy of the Republic of the Philippines in Beijing, Xu Ningning handed over the donated anti-epidemic materials to the Chargé d'affaires (Minister and Consul General), and the then Commercial Counselor attended. They discused about the cooperation between enterprises of the two countries in the fight against the epidemic.

 

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In 2021, Xu Ningning had talks with the then Commercial Counselor of the Philippine Embassy in Beijing about economic and trade cooperation and RCEP between the two countries.

 

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In 2021, Xu Ningning met with the then Philippine ambassador to China to talk about the cooperation opportunities brought about by the current economic and trade cooperation between the two countries and the upcoming implementation of the RCEP agreement.

 

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In July 2022, Xu Ningning met with the new Commercial Counselor of the Philippine Embassy in Beijing to talk about the new development of economic and trade cooperation between the two countries.



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