Leaders from China and the Philippines agreed on Thursday to handle disputes in bilateral relations through consultation and to boost bilateral ties.

Wu Bangguo (R), chairman of the Standing Committee of the National People's Congress of China, shakes hands with Philippine President Benigno Aquino III in Beijing Sept. 1, 2011. [Xinhua photo]

The consensus was made during meetings between visiting Philippine President Benigno Aquino III and China's top legislator Wu Bangguo and Premier Wen Jiabao, respectively.

"The Chinese National People's Congress (NPC) is ready to work closely with the Philippine side to implement the consensus reached by the two states' leaders, enhance political trust, properly settle disputes, and promote relations to a new level," said Wu, chairman of the NPC Standing Committee.

Don't miss: Aquino plays down tension on S. China sea

In response, Aquino said that although differences exist between the two countries, these differences are not the essence of their bilateral relations.

He said the Philippines is devoted to settling disputes with China through consultation.

Aquino's current China trip is his first state visit to China since taking office in June 2010, as well as his first foreign tour outside of countries in the Association of Southeast Asian Nations (ASEAN).

Aquino told Wu that his China visit aims to benefit the two peoples by further cementing substantial bilateral cooperation and overall relations.

Wu spoke highly of the summit between Chinese President Hu Jintao and Aquino on Wednesday. During this summit they reached a broad consensus on enhancing bilateral ties, witnessed the signing of a series of important bilateral documents, and made strategic planning for future bilateral ties.

Hu and Aquino also agreed to strengthen economic and trade cooperation while minimizing the impact of disputes in the South China Sea.

Wu said Aquino's current trip fully reflects the great importance that the Philippines attaches to bilateral relations, and he expressed his hope that the trip will boost their strategic bilateral relationship of cooperation.

China's top legislator hailed the achievements of bilateral relations since the forging of diplomatic ties 36 years ago, citing frequent high-level visits, remarkable cooperation in various areas, vigorous cultural exchanges, and sound coordination in global affairs.

With regard to parliamentary exchanges, Wu said the exchanges play an irreplaceable role in boosting understanding and cooperation, deepening trust, and dispelling misgivings. He also vowed to push forward parliamentary exchanges between both countries.

Chinese Premier Wen Jiabao urged the two states to properly handle their differences during his 40-minute meeting with Aquino at Zhongnanhai, the Chinese central government compound.

"Mutual respect, being good neighbors, and mutual trust serve as the foundation for Sino-Philippine ties," Wen said.

The Chinese government will promote trade and economic cooperation with the Philippines under the principles of equality, mutual benefit, and win-win outcomes, he said.

Wen called on the two sides to fulfill a five-year plan for bilateral economic cooperation, expand trade within the framework of the China-ASEAN free-trade agreement, establish sound circumstances for enterprises to strengthen cooperation, and protect the interests of investors.

"The Chinese government encourages domestic companies to positively take part in Philippine projects in various sectors such as transportation, communication, energy, agriculture and hydro-facilities," he said.

On regional affairs, Wen said China supports the ASEAN playing a leading role in East Asian cooperation.

The expanded East Asia Summit, maintaining its essence as a strategic forum held annually by leaders, should work together with another mechanism to promote regional cooperation, he said.

Aquino said the Philippines values its ties with China and will enhance bilateral cooperation while properly handling differences.

He appreciates China's assistance in the Philippines' economic progress, welcomes Chinese investors, and pledges to enhance coordination with China on East Asian cooperation.

Wen also urged the Philippine government to attach importance to the requests of the government and people of the Hong Kong Special Administration Region and properly handle the aftermath of last year's incident in which tourists from Hong Kong were held hostage in Manila.

Aquino, in response, said the Philippine government and people feel deep regret for the tragedy, noting that the Philippine government is handling the aftermath in a serious manner and will keep in contact with China.

On Aug. 23, 2010, Philippine ex-police officer Rolando Mendoza hijacked a bus carrying 21 tourists from Hong Kong and four Filipinos in Manila in a bid to be reinstated in the police force. Eight of the hostages from Hong Kong and the hijacker were killed after an 11-hour standoff.

Aquino arrived in Beijing on Tuesday night for a five-day visit. In addition to visiting Beijing, he will also travel to Shanghai and southeast China's Fujian Province.