China and Philippines: Close relations in trade and investment

By APD writer Melo M. Acuna

**MANILA, Mar.15 (APD) – **Chinese Ambassador to the Philippines Zhao Jianhua said the existing warm and closer bilateral relations between China and the Philippines include trade and investments.

Speaking before participants to the one-day forum promoting the China International Import Expo, Ambassador Zhao said President Rodrigo Duterte’s visit to China in October 2016 resulted in a more vigorous relations between the two countries as manifested by over 930,000 Chinese tourists arrivals in the Philippines last year.

Chinese Ambassador to Manila Zhao Jianhua.

“There were over 110,000 Chinese tourists who visited the Philippines during the Chinese New Year Festival last month,” he added.

“With the growth rate of over 40% last year, China will soon become the number one source of tourists in the Philippines, surpassing South Korea,” he said.

Explaining to Filipino businessmen the significance of the Chinese market, Ambassador Zhao said their country has 1.4 billion people whose purchasing power has increased with nearly 600 million people from the middle class.

“Beijing has more millionaires than New York,” he added.

He recalled before China because the world’s second biggest economy, the per capita GDP was

US$260 which has grown to US$ 8,000.

“Within the next few years, our per capita GDP would be over US$10,000 and will need more foreign products including those from the Philippines,” Ambassador Zhao said.

“We are very proud to be the Philippines’ top trading partner since President Rodrigo Duterte visited China and according to our statistics our trade exceeded US$ 50 billion and the Philippines still sufferes some deficit,” he told Filipino and Chinese businessmen in the audience.

He explained President Xi Jinping has opted to open the Chinese market to foreign products so trading partners can share in the opportunities and progress that they have continued to achieve.

“I am confident Chine would come the number one importer of Philippine products,” he said.

With the increasing protectionist policies of several advanced countries, Ambassador Zhao said China has decided to uphold and promote the multilateral trading arrangements.

“President Xi demonstrates China’s determination to make growth inclusive and make sure more profits would come to the developing world, including the Philippines,” he further said.

Members of the Chinese private sector and state-owned enterprises have expressed interest by offering soft loans in infrastructure projects planned by the Philippines under the “Build, Build, Build” scheme.

He also expressed optimism at least one Chinese industrial park would be established before the end of 2018.

(ASIA PACIFIC DAILY)