Deepening economic and trade complementarity is an inevitable choice for China and the Philippines to achieve win-win results

Since the beginning of this year, China Philippines has taken new steps in economic and trade cooperation. The Joint Statement of the China and the Republic of the Philippines was released, China and the Philippines signed a memorandum of understanding on e-commerce cooperation, RCEP came into effect for the Philippines, and the first round of consultations, the second round of negotiations, and the third round of negotiations of the China ASEAN Free Trade Area version 3.0 were held... The Ministry of Commerce recently released data showing that the total trade value between China and the Philippines in the first five months of this year was 221.594 billion yuan, up 4.4% year on year. Among them, exports to the Philippines amounted to 168.29 billion yuan, a year-on-year increase of 12.2%.
"The economic and trade cooperation between China and the Economy of the Philippines ties the common economic interests of the two countries and benefits the economic development of the Philippines." Xu Ningning, executive chairman of the China ASEAN Business Council and chairman of the RCEP Industrial Cooperation Committee, said in an interview with the China Trade Daily that with the construction of the ASEAN–China Free Trade Area in the past 20 years, the joint construction of the "the Belt and Road" in the past 10 years, and the establishment of a comprehensive strategic cooperative relationship between China and the Philippines since 2018, The scale of trade and investment between the two countries has significantly expanded.
China has become the largest trading partner of the Philippines for seven consecutive years. In 2022, the import and export trade volume between China and the Philippines reached 87.725 billion US dollars. The export of Filipino agricultural products to China has rapidly increased. Currently, the Philippines has become the largest source of banana and pineapple imports for China, and fruits such as coconut, avocado, and durian have also entered the Chinese market.
In January of this year, China and the Philippines signed a protocol on the quarantine requirements for fresh durian plants imported from the Philippines to China. In April, the first batch of Philippine durians arrived in China. Belviz, president of the Durian Association of Davao City City, Philippines, said that up to now, more than 350 tons of Durian from Davao City City have been exported to China. After the RCEP takes effect, Chinese consumers can buy durian from the Philippines at a lower price, which means a larger market and more opportunities for Filipino fruit farmers.
China Philippines investment cooperation is thriving, and investment cooperation in the digital economy, steel, and high-end manufacturing industries is ongoing. Xu Ningning stated that in the past six years, the number of new contracts signed by China for contracted projects in the Philippines has increased nearly threefold, with an annual scale exceeding 10 billion US dollars. Chinese enterprises actively participate in the construction of engineering projects in the fields of Philippine roads and bridges, ports, power stations, housing, water conservancy, etc. Nearly 40 intergovernmental cooperation projects have been carried out by both parties, of which 17 have been completed by the end of 2022, and more than 20 projects are currently being implemented or promoted.
Last October, the inauguration ceremony of the Philippine Sea Crossing Bridge Project Davao Samar Island Bridge contracted by Chinese enterprises was held in Davao, the third largest city in the Philippines. The project is expected to be completed and put into use in 2027. At present, the passage between Davao City City and Samar Island mainly depends on ferries, and the one-way voyage is about 30 minutes. After the completion of the bridge, the commuting time on both sides will be reduced to 5 minutes. This project is one of the flagship projects planned by the Philippine government to "build more and build better". After completion, it will further revitalize the economic resources and tourism potential of Davao and Samar Island, and will create more jobs, help the local recovery and people's livelihood development after the epidemic, and drive the economic growth of southern Philippines.
How to further enhance economic and trade cooperation between China and the Philippines in the future? Xu Ningning stated that in the face of the current international turmoil and the world economy