Home / International / Opinion Tools: Save | Print | E-mail | Most Read | Comment
Exports Boost Philippine Economy
Adjust font size:

Economic exchanges between China and the Philippines have reached a peak within the framework of bilateral ties that have been mainly driven by China's commitments to the WTO upon accession in 2001. The facts show an open China not only does not harm the economy of the Philippines but also actually boosts it.

The total value of bilateral trade has increased greatly and trade surplus is on the side of the Philippines.

According to records from Chinese customs, the significant growth of exports from the Philippines to China from 2000 to 2002 helped expand trade turnover from US$3.365 billion in 2000 to US$5.259 billion in 2002, achieving an annual increase of 33 percent. Total trade value for both sides increased even faster in 2003 and 2004, reaching US$9.4 billion and US$13.33 billion increases of 78 percent and 42 percent respectively.

The Philippines has enjoyed a favorable trade balance of US$1.175 billion in 2002, US$3.212 billion in 2003 and US$4.09 billion in 2004, a total reversal in the history of bilateral trade.

Chinese investment in the Philippines is small but expanding. According to records from China's Ministry of Commerce in October 2003, about 40 Chinese companies and corporations are investing in the Philippines through joint ventures with local counterparts. The total contracted amount reached US$39.60 million, US$16.41 million of which came from the Chinese.

Total China investment in the Philippines in 2000 and 2001 accounted for only 0.2 percent of the Philippines' total foreign investment. In 2002, the percentage increased to 2 percent. In 2003, major investors from China were in IT-enabled services, hotel and commercial complex operation, energy generation, transport equipment and exports of silicon crystals and micro silica.

During her official visit to China from September 1 to 3, 2004, President Gloria Macapagal-Arroyo witnessed some of the trade agreements to be signed between Filipino and Chinese businessmen.

Among them was the memorandum of understanding between Philippine Coco Technologies and China Guangzhou Rivers Enterprise. A supply contract of baled coco fiber products was also signed between Philippine Environmentech Products and Guangzhou Tiahe Yi Xin Fiber Product.

Chinese data show there have been rapid increases in investment in China from the Philippines, contracted or utilized, since 2002.

In 2004, the contracted investment from the Philippines reached US$684 million, more than double the figure in 2002. The utilized investment from Filipino merchants reached US$233 million, an increase of 25 percent over the year 2002. They have so far enjoyed good returns on their investments in China.

Other forms of economic co-operation inspired by China's WTO entry include contracted projects and labor co-operation, financial co-operation and tourism.

According to official Chinese sources, up to the year 2000 China had completed more than 400 construction projects in the Philippines. This momentum has been maintained since China's accession to the WTO.

In 2001, 37 joint construction projects with a total value of US$74 million were completed, and another 33 construction agreements were signed in 2002 with a total value of US$184.7 million. From January to May 2003, 10 contracts were signed with a total value of US$45.2 million, while turnover was US$31.8 million in the period.

With the expansion of financial co-operation, the two countries' importers and exporters have been able to settle commercial transactions without transiting through the banks.

In order to attract more Chinese tourists to the Philippines, the Department of Tourism opened a tourism office within the Philippines embassy in Beijing in July 2004. The office is aiming to raise the number of Chinese tourists to more than 60,000 a 100 percent growth in the near future.

(China Daily January 16, 2006)

 

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Chinese President Greets Philippines on Independence Anniversary
- Sino-Philippines Sign Loan Agreement on Railway Project
- China, Philippines to Expand Trade and Economic Cooperation
- Arroyo Expects New Booming Era of Friendship with China
Most Viewed >>
> Korean Nuclear Talks
> Reconstruction of Iraq
> Middle East Peace Process
> Iran Nuclear Issue
> 6th SCO Summit Meeting
Links
- China Development Gateway
- Foreign Ministry
- Network of East Asian Think-Tanks
- China-EU Association
- China-Africa Business Council
- China Foreign Affairs University
- University of International Relations
- Institute of World Economics & Politics
- Institute of Russian, East European & Central Asian Studies
- Institute of West Asian & African Studies
- Institute of Latin American Studies
- Institute of Asia-Pacific Studies
- Institute of Japanese Studies
主站蜘蛛池模板: 亚州av综合色区无码一区| 免费在线h视频| 四虎1515hh永久久免费| 在线观看视频国产| 一级成人黄色片| 无人在线观看视频高清视频8| 国产成人无码一区二区三区| 91国内揄拍国内精品对白| 女人与禽交视频免费看| 看全免费的一级毛片| 放荡的欲乱合集| 久久精品无码精品免费专区| 欧美式free群乱| 亚洲精品99久久久久中文字幕| 亚洲五月激情网| 小雪把双腿打开给老杨看免费阅读 | 国产男女视频在线观看| 丁香六月久久久| 无码精品国产va在线观看dvd| 亚洲第一网站男人都懂| 精品一区二区三区四区在线| 又大又硬一进一出做视频| 色噜噜狠狠一区二区三区果冻| 国产女人aaa级久久久级| 鸡鸡插屁股视频| 国产激情视频在线观看首页| 伊人影院中文字幕| 国产精品自在线拍国产手青青机版| 999这里只有精品| 在人间免费观看未删减| 99久久精品国产亚洲| 成年性羞羞视频免费观看无限| 亚洲一区二区三区国产精华液| 男人和女人差差差很疼30分| 十七岁高清在线观看| 老鸭窝在线播放| 国产AV无码专区亚洲AV| 色戒7分27秒大尺度在线| 国产乱子伦视频在线观看| 真实男女xx00动态图视频| 国产精品香蕉在线观看|