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Xi visit to PH to boost economic ties – Chinese counselor

Stronger economic ties are seen between the Philippines and China as Chinese President Xi Jinping visits the country next month, 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, Jin said on Thursday during the 44th Philippine Business Conference and Expo (PBCE) held at the Manila Hotel.

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

He added that the two governments will sign a framework agreement on establishing Chinese industrial zones and construction of the industrial parks are expected to commence next year.

“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,” Jin 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,” he 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 its 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, noting how this 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.

“China and Philippines are very good friends. You have a strong, big market in China,” he added.#