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Sino-Philippine trade to double

[ 2011-09-01 11:09]     字號 [] [] []  
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China and the Philippines aim to double bilateral trade to $60 billion in 2016, indicating that economic cooperation is a priority as the countries put aside the South China Sea dispute that has strained ties.

Securing a number of deals with China on Wednesday, Philippine President Benigno Aquino continued with his five-day state visit and reiterated that there is much more to Sino-Philippine relations than maritime disputes.

Officials signed nine documents including a memorandum of understanding to strengthen cooperation between the two foreign ministries and a five-year trade and economic development program. Other documents signed included an assistance grant from China and sending investment experts to the Philippines. Deals concerning cooperation in culture, sports, tourism and the media were also signed.

China was the first country to extend an invitation to Aquino, on his inauguration day, June 30, 2010. This is his first visit to China, and comes just over a year since he assumed the presidency and takes place after a recent dispute in the South China Sea.

The South China Sea issue does not constitute the entirety of Sino-Philippine relations, and should not affect the development of ties and cooperation, Aquino said.

He also said that he hopes the issue could be resolved as soon as possible for the benefit of the people of the two countries.

"I apologize for taking too long, about a year, before I managed to get here," Aquino said. "But it is a worthwhile trip so far and I think it is a good opportunity to broaden and deepen the ties that have existed between our people for centuries."

Aquino led a delegation of nearly 300 business leaders to China during his visit. Two more business forums will be held in Shanghai and Xiamen.

Bilateral trade hit $27.7 billion in 2010, up 35 percent year-on-year, according to the Ministry of Commerce. China is the third-largest trading partner of the Philippines after the US and Japan. China is also the Philippines' seventh-largest foreign investor.

"More investment means jobs," Aquino said at the forum, adding that the country is open for business and the government is determined to soothe the path for investors.

The visit will also take Aquino to his ancestors' hometown, Hongjian, Fujian province. His mother, the late Philippine president Corazon Aquino, visited the area 23 years ago.

Questions:

1. How many official documents were signed between Chinese and Philippine officials?

2. How much do officials for both nations aim to increase bilateral trade by 2016?

3. How many times has Philippine President Aquino been to China?

Answers:

1. Nine official documents were signed on Wednesday

2. They hope to double bilateral trade to $60 billion

3. None, this is his first visit.

(中國日報網英語點津 Helen 編輯)

Sino-Philippine trade to double

About the broadcaster:

Sino-Philippine trade to double

?Christine Mallari is an intern at China Daily. She was born in Chicago, Illinois and raised in a nearby suburb before moving for college. After recently graduating from the University of Iowa with a degree in English, Journalism and Mass Communications, she moved to Beijing to work with China Daily. Though she has been working in journalism since high school, this is her first time doing so abroad.

 
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