Cebu, Philippines (4 October) -- China is now the fastest growing economy and the Philippines ' 3rd largest trading partner with a substantial trade surplus since 2002.
President Gloria Macapagal-Arroyo said this during her meeting with Chinese President Hu Jintao during her state visit on the 58th anniversary of China recently.
Arroyo greeted President Hu and reaffirmed the country's strict adherence to the 'One-China Policy' and said that RP-China relationship is confident, mature and comprehensive.
She added that both countries have observed open dialog and trust in handling sensitive issues and explained the difficult desision to discontinue with the National Broadband Network Project and that she was counting on China for its understanding.
Chinese President Jintao Hu meanwhile said that China is committed to grow the relationship between both countries and that foreign and trade ministers of China and the Philippines have been busy working on a joint program for strategic cooperation and drawing up a five-year economic development agenda.
Hu likewise said that RP-China trade relations have been productive and have resulted in tangible results as he offered understanding obviously on the failed NBN project.
During the Philippine Business and Investment Forum (PBIF) held at the Grand Ballroom of Le Royal Meridien Hotel that was organized by the Shanghai Overseas Chinese Chamber of Commerce (SOCCC), Mrs. Arroyo told the most influential business organization in Shanghai that the Philippines is not afraid of globalization as she believes that it would be a stepping stone to poverty alleviation and the country's modernization.
She expects that her China visit will open up new avenues of trade and investment opportunities between both countries as she sees the expansion and progress of the Chinese economy under globalization.
"Like China, we believe in the power of global trading to alleviate poverty and modernize nations through market forces," she said.
The President told the businessmen that the Philippines has been aggressive in seeking multilateral and bilateral trade relationships in order to compete for the globalization.
Having a personal hands-on role in an attempt to move the DOHA Round of the World Trade Organization (WTO) talks forward, the President strongly believed that this initiative is favorable for the Philippines, and good for the world.
Also during her China visit, President Arroyo joined other foreign dignitaries and celebrities who were invited by President Hu to witness the spectacular opening of the Special Olympics World Summer Games 2007 at the Shanghai Stadium.
Chinese President Hu thanked President Arroyo for gracing the Special Olympics, a 10-day sporting event for the intellectually challenged people from some 165 countries, including the Philippines, with a 70-man delegation, the biggest this year.
An estimated 80,000 spectators packed the Shanghai Stadium. The opening ceremony ended with a spectacular display of lights and fireworks and the lighting of the Olympic torch.At their bilateral meeting earlier in the morning, President Arroyo and her Chinese counterpart affirmed their commitment to promote the interest of the intellectually disabled people. (PIA-Cebu/MBCN)