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Wang Yi Meets with Economic Management Team of the Cabinet of the Philippines

2018-10-29

On October 29, 2018, State Councilor and Foreign Minister Wang Yi met with Secretary of Finance Carlos Dominguez and major members of the economic management team of the Cabinet of the Philippines in Davao.

Wang Yi expressed that economic cooperation constitutes an important part in the China-Philippines relations. The comprehensive improvement of bilateral relations has provided strong political guarantee for the two countries to deepen economic cooperation. Since last year, bilateral trade has seen a substantial increase, and Chinese investment in the Philippines has grown rapidly. China supports the "Build, Build, Build" program put forward by President Rodrigo Duterte. Bilateral cooperation has been accelerated, which will play a positive role in developing economy and improving people's livelihood in the Philippines. The Chinese side is willing to, together with the Philippine side, conduct close communication, and ensure a historic success for the scheduled high-level visit. The Philippines is an important hub of the Maritime Silk Road. China and the Philippines are natural cooperative partners of the joint building of the Belt and Road Initiative. Both sides should further enhance cooperation under the joint building of the Belt and Road Initiative, expand new areas for China-Philippines economic cooperation, tap into new potential, and benefit the two countries and the two peoples. The Chinese side welcomes the Philippines to attend the first China International Import Expo, and stands ready to create more favorable conditions for the Philippine side to further expand export to China.

Carlos Dominguez noted that we had successful talks in Beijing this August, during which both sides agreed to resolutely implement the consensus reached by the two heads of state, elevate the Philippines-China relations to new highs, and constantly reinforce cooperation between the two countries in such fields as infrastructure, trade, investment, as well as people-to-people and cultural engagement. At present, the agreed cooperation projects by both sides have been running smoothly with a new cooperation system taking shape. The Philippine side appreciates the great efforts made by the Chinese side in promoting bilateral practical cooperation, and stands ready to, together with the Chinese side, intensify cooperation to ensure the complete success of the Chinese leader's historic visit to the Philippines within this year. The Philippine side fully supports the joint building of the Belt and Road Initiative, and is willing to conduct relevant cooperation with the Chinese side. China International Import Expo is a significant event held by a major country in the world for the first time to expand its import. The Philippine side highly appreciates it and will take an active part in it.

The economic management team of the Cabinet of the Philippines is headed by Secretary of Finance Carlos Dominguez, with its major members including Secretary of Budget and Management Benjamin Diokno, Secretary of Public Works and Highways Mark Villar, Secretary of Transportation and Communications Arthur Tugade, and Director-General of the Bases Conversion and Development Authority Vivencio Dizon.

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