President Hu Jintao
met Philippine President Gloria Macapagal Arroyo in Manila on
Wednesday and witnessed the signing of 14 agreements.
"China and the Philippines have taken the lead in
making the breakthrough in joint development in the South China
Sea, thus taking a valuable step forward in turning the area into a
sea of friendship and cooperation," Hu said.
Among the agreements were: a low interest loan of
US$500 million to Manila, mining projects, joint offshore
exploration operations, telecommunications projects and youth
affairs.
Last year, bilateral trade amounted to more than
US$13 billion and the two countries are targeting annual trade of
US$30 billion by 2010.
A joint agreement on marine seismic undertaking in
the South China Sea was signed last September and Vietnam also came
on board in March, a move seen as a significant development in
strengthening ASEAN-China cooperation and paving the way for the
future settlement of the South China Sea dispute.
According to Hu, the bilateral relationship should
be developed focusing on several aspects including personnel
exchanges at all levels and in all fields, further trade and
economic development, security consultation mechanisms, China-ASEAN
ties and enhanced coordination in multi-lateral affairs.
Arroyo spoke highly of Hu's suggestions, saying
bilateral ties "are in a golden age." She said the Philippines is
willing to join efforts with China in expanding cooperation in the
fields of resources.
As for detailed trade cooperation, Hu said China
will continue to take part in railway construction in the
Philippines and will offer financing deals.
Speaking before the joint session of the Philippine
congress on the second day of his three-day state visit, Hu said
"development is the top priority for Asia and cooperation is the
order of the day."
Hu reiterated that China is confident of meeting
its target of US$200 billion annual trade with ASEAN countries by
2010, up from US$105.9 billion in 2004, with the help of steady
progress in the development of a China-ASEAN Free Trade Area.
He also said China is ready to work actively with
ASEAN to implement the China-ASEAN strategic partnership for peace
and prosperity.
(China Daily April 28, 2005)