国际英语资讯:Full Text: Joint Statement of China and the Philippines_时事

国际英语资讯:Full Text: Joint Statement of China and the Philippines

22. Both sides acknowledge the mutual economic and social benefits gained from the Five Year Development Program for Trade and Economic Cooperation (2011-2016), and announced their commitment to its renewal through the Memorandum of Understanding on the Formulation of the Development Program for Economic Cooperation.

23. Both sides identify poverty alleviation as their shared aspiration, and agree to exchange best practices and cooperate in projects in this regard.

24. Both sides express willingness to jointly undertake practical cooperation including infrastructure investment, infrastructure project construction and industrial production capacity. Both sides agree that infrastructure cooperation which are jointly undertaken will be subject to proper procurement process, transparency and in compliance with relevant domestic laws and regulations and international practices.

25. Both sides will develop financial cooperation including in areas such as concessional loans, preferential buyer's credit, bonds issuance, loans, investments, securities, and others as mutually agreed upon including special loans for development. Both sides will strengthen cooperation in the Asian Infrastructure Investment Bank (AIIB) and other multilateral and regional development banks.

26. Both sides express willingness to expand the local currency settlement of bilateral trade and investment, and to coordinate to actively promote the regional financial cooperation which includes the multilateralization of Chiang Mai Initiative (CMIM) and bilateral swap arrangements (BSA). China welcomes the interest of Bangko Sentral ng Pilipinas (BSP) in participating in the Chinese Interbank Bond Market.