A total of 29 bilateral agreements were signed between China and the Philippines during Chinese President Xi Jinping's visit to the country on Tuesday.
These agreements include memorandums of understanding (MOUs) on Belt and Road construction, oil and gas development and other fields.
Chinese President Xi Jinping and Philippine President Rodrigo Duterte witnessed the signing of the agreements.
President Xi said China will provide more assistance to projects related to the Philippines' livelihood and will continue to enhance cooperation in areas of infrastructure, telecommunication and agriculture.
Chinese President Xi Jinping (R) and Philippine President Rodrigo Duterte (L) shake hands. /Xinhua Photo
China is the Philippines' biggest trade partner, importer and the fourth biggest export destination. Last year, bilateral trade volume exceeded 50 billion U.S. dollars for the first time, and China's direct investment in the country reached 53.84 million U.S. dollars, up 67 percent year-on-year.
More than 40 exhibitors from the Philippines took part in the just-ended China International Import Expo in Shanghai.
Business cooperation between the two is also booming. Chinese enterprises like Tencent, Alibaba and BYD all established business ties with Philippine enterprises.
China is also the second largest source of tourists to the Philippines. In the first three quarters of this year, the number of Chinese tourists to the Philippines reached 972,000, up 34.9 percent from the same period last year.
Xi's visit to the Philippines, which takes place on November 20 and 21, marks the first visit to the Southeast Asian country by a Chinese head of state in 13 years.