Xi visit to boost Sino-PH economic ties

October 20, 2018

The visit of Chinese President Xi Jinping to the Philippines next month will pave the way for stronger economic ties between the two countries, an official from the Embassy of the People’s Republic of China here said Thursday.

During the 44th Philippine Business Conference and Expo (PBCE) at the Manila Hotel, Economic and Commercial Counselor of the Chinese Embassy Jin Yuan said the two Asian nations are expected to further explore their bilateral relations with the visit of Xi here.

“This year will be the exploration of our bilateral relations.” Jin said in his speech, adding that more Chinese investors are expected to come to the Philippines in the coming years.

The Chinese commercial counselor said the two governments will sign a framework agreement on establishing Chinese industrial zones. Construction of industrial parks are expected to commence next year, he added.

“These industrial zones are not limited to one. That means Chinese government will encourage the interested Chinese companies to invest in industrial parks or industrial zones in the Philippines,” he said on the sidelines of the PBCE.

“At present, as far as I know, there are two Chinese companies that already made preliminary preparation, and maybe the venue will be in Clark and Subic,” the Chinese official here added.

Early this year, Chinese Ambassador Zhao Jianhua mentioned that China will put up its first industrial park in the country, which will be larger than the eight industrial parks in Southeast Asia.

Meanwhile, Jin said the current “trade friction” between China and the United States “will do more harm than good” to the Philippines. He noted that the trade friction between the two major economies is affecting the local stock market and currency.

“Trade friction will do more harm than good to the Philippines. But let’s not worry. There is [an] old Chinese saying: There will be sunshine in the east and raining in the west. You have a huge market next to you -- that is China,” he said.