As friendly neighbors separated by a narrow strip of water, in recent years, the economic and trade cooperation between China and the Philippines has been continuously deepened, and has achieved fruitful results, fully demonstrating its vitality.
The China-Philippines Cooperation Forum, co-hosted by the China-ASEAN Business Council, RCEP Industrial Cooperation Committee and the Philippine Embassy in China, was held on August 22. Participants conducted in-depth discussions on the economic and trade cooperation between China and the Philippines.
In recent years, the relationship between China and the Philippines has continued to improve, and economic and trade cooperation has continued to deepen: the bilateral trade volume between China and the Philippines has doubled. China has been the largest trading partner of the Philippines for six consecutive years, and has become the main source of foreign investment for the Philippines. Under the epidemic situation, China-Philippines trade and investment cooperation still achieved contrarian growth.
"These all highlight the strong resilience and vitality of the relationship between the two countries," said Sun Xiao, secretary-general of the China Chamber of International Commerce.
Xu Ningning, executive chairman of the China-ASEAN Business Council and chairman of the RCEP Industrial Cooperation Committee, pointed out that at present, China-ASEAN maintains the fundamentals of long-term economic development and is implementing a series of measures to promote economic growth.
Taking China and the Philippines as an example, China’s “One Belt, One Road” initiative and the Philippines’ “Build, Build, Build” plan have been deeply connected. So far, nearly 40 intergovernmental cooperation projects have been carried out, and the results of benefiting the people continue to emerge, covering anti-epidemic, disaster relief, highways, etc. Bridges, agricultural cooperation and many other fields.
"I hope that the two sides will continue to deepen cooperation in infrastructure, agriculture, energy, education and other fields, and jointly promote the implementation of more intergovernmental cooperation projects, so as to bring more benefits to the people of the two countries." Sun Xiao said.
Since the beginning of this year, the Philippine economy has experienced rapid recovery and growth. In the State of the Union address released by Philippine President Marcos after taking office, the Philippine economic growth target for this year was set at 6.5% to 7.5%. In Xu Ningning's view, this goal indicates that there are many business opportunities in the Philippines.
Acting Undersecretary of the Philippine Department of Trade and Industry Glenn Penaranda noted that the country's development prospects have proven to be "brighter" than ever. The Philippine economy is recovering steadily. In the second quarter of this year, GDP grew by 7.4% year-on-year, and the agriculture, industry and service industries all achieved positive growth. Therefore, the Philippine GDP growth target of 6.5% to 7.5% this year is feasible.
"This year is an important year to further promote the development of economic and trade relations between China and the Philippines. Strong bilateral relations will encourage Chinese investors to maintain interest in the Philippines, and the growing market and industries in the Philippines will also provide more opportunities for Chinese companies. ’ Glenn Penaranda further said.
At present, the international situation is turbulent, the world economic growth is sluggish, and the global epidemic is still spreading... In Xu Ningning's view, China and the Philippines, which live next to each other, should enhance cooperation and fully develop the economic and trade complementarity between the two countries to jointly deal with relevant unfavorable factors and achieve mutual benefits A realistic choice for win-win development.
Sun Xiao also pointed out that at present, how China and the Philippines can leverage their geographical advantages to further consolidate political mutual trust, deepen investment and trade, and promote connectivity is the goal of the joint efforts of the business circles of the two countries.
Talking about how to further promote China-Philippines economic and trade cooperation, Sun Xiao believes that, on the one hand, it is necessary to actively explore new models of industrial cooperation, strengthen the construction of the "two countries, two parks" project, and drive the local economic cooperation between the two countries to develop in depth. We should cooperate to build cross-border e-commerce centers, cold chain logistics centers and digital economy centers, and at the same time drive the long-term development of industries such as planting, food processing, advanced manufacturing, and modern logistics, and add new momentum to China-Philippines economic and trade cooperation.
On the other hand, encourage the business circles of the two countries to make full use of multilateral and bilateral free trade agreements in the region, strengthen industrial cooperation and investment cooperation, and create more favorable conditions for deepening economic and trade cooperation between China and the Philippines and closer economic and trade exchanges between the two countries.
This year is the year when the Agreement on Regional Comprehensive Economic Partnership (RCEP) comes into effect. Glenn Penaranda said that at present, the new government has confirmed that it will take the Philippines' participation in RCEP as its priority and promote the ratification of RCEP and other trade agreements as soon as possible.
"More companies from the Philippines are welcome to share in China's big market. At the same time, China and the Philippines should also cooperate to seize the business opportunities brought about by regional economic integration. We look forward to the early entry into force of the RCEP agreement in the Philippines." Xu Ningning said.
