Upsurge in PH-China trade in ‘17 seen
Expect an upsurge in Sino-Philippine investments and trade in 2017—a direct result of the strengthening bilateral ties in the wake of President Duterte’s “historic” state visit to Beijing last October—according to China’s Ambassador to the Philippines Zhao Jianhua.
Speaking before members of the media Monday evening, the Chinese envoy raised the prospect of a banner year for bilateral relations between both countries that would immediately be felt in the realm of economics and business.
In particular, he said China would welcome more agricultural exports from the Philippines, while conversely helping jumpstart efforts to improve the latter’s creaking infrastructure, as well as giving the local tourism sector a boost.
“Let me say this, to be very precise: In 2017, there will be more tropical fruit exports to China,” Zhao said. “There will be more groundbreaking ceremonies for infrastructure projects. And last, but not the least, there will be more Chinese tourists coming to the Philippines.”
The Chinese ambassador made these remarks before journalists who cover issues surrounding bilateral relations between the countries which were staunch rivals over competing territorial claims in the West Philippine Sea, but were now mending ties since President Duterte took office this year.
Mr. Duterte’s visit to the Chinese capital in October netted for the Philippines an estimated $24 billion worth of deals, many of which were oriented toward big-ticket infrastructure projects, as well as soft loans from Chinese state-owned lenders.
Administration officials estimated that bilateral trade between both nations could grow to $60 billion in five years, triple the current amount.
“I can say that China-Philippine cooperation is growing,” Zhao said. “There’s no time to waste, and there is every opportunity to seek.”
“In the China, we always say ‘seize the hour, seize the moment’,” he added. “That is a translation of a poem by Chairman Mao quoted by President Nixon when he visited China [in 1972].”
The Chinese envoy said that the closer ties that have resulted from Mr. Duterte’s China visit, as well as his subsequent meeting with Chinese President Xi Jinping at the Asia Pacific Economic Cooperation Summit in Peru last month are expected to translate into benefits that will be felt by people of both nations.
“We should also work hard, hand in hand, to turn the train of cooperation into high-speed rail,” he said, using the metaphor of railway to illustrate the pace of progress in improving Sino-Philipine ties.
Going forward, Zhao said China would likely invite President Duterte—as the head of the country that chairs Asean this year—to attend the BRICS Summit in September 2017 which China would host in Xiamen for the world’s five largest emerging economies, Brazil, Russia, India, China and South Africa.
