Chinese State Councilor and Foreign Minister Wang Yi met Philippine Foreign Secretary Alan Peter Cayetano in Beijing on Wednesday and said China will cooperate more with the Philippines in the future.
"Compared to the US Asia- Pacific policy which focuses on security issues and creates conflicts, China's policy which sticks to development will become more and more popular," Xu Liping, a senior research fellow at the Chinese Academy of Social Sciences, told the Global Times. "The China-Philippine relationship is a model for other countries in the region."
Under the correct and powerful guidance of both leaders, China-Philippine ties have entered their best period in recent years, in line with the common interests of both countries and peoples, Wang said at the meeting, the Xinhua News Agency reported.
Both sides agreed to continue to uphold and maintain the most important experience of China-Philippine relations, which is to properly handle the South China Sea issue through consultation and negotiation, vigorously maintain the big picture of bilateral ties and create a good atmosphere for expanding bilateral cooperation, according to Wang.
"The US Asia-Pacific policy is guided by the security and strategic interests of the US, but China's policy is guided by economic development for both sides," Xu said, "and that's why cooperation with China will bring real benefit and real peace."
China is ready to advance cooperation with the Philippines under the Belt and Road initiative in people-to-people exchanges, maritime dialogue and cooperation, and regional integration, said Wang.
The Central Bank of the Philippines said in a statement Monday that it was all set for the issuance of its inaugural 1.46 billion yuan ($230 million) of panda bonds, or yuan-denominated debts sold by foreign issuers in China, Xinhua reported.