China to continue $10-B ASEAN loan

China has assured the Philippines that it will continue to grant a $10-billion preferential loan for member countries of the Association of Southeast Asian Nations (ASEAN) and other developing states within the next three years.

Speaking at the 57th founding anniversary of the People’s Republic of China at the Manila Hotel Friday night, Ambassador Li Jinjun said his government is fulfilling a commitment of President Hun Jintao to ASEAN during the United Nations Summit last year.

"This serves a strong guarantee for furthering China-ASEAN cooperation," he said.

Li said China has written off the debt of at least 44 countries and had granted duty-free treatment to some commodities of 39 states.

"Over the past three decades, China’s economic development has not only brought about opportunities for the economic development of other countries in the world, but also provided China with more resources to help their development," he said.

China is ready to do its utmost to make a great contribution to promoting the common development of the world, he added.

During the same forum, Li announced that Chinese Premiere Wen Jiabao will make an official visit to the Philippines and attend the ASEAN summit in Cebu in December.

Li said President Arroyo will in turn make a working visit to China to take part in the Commemorative Summit marking the 15th anniversary of China-ASEAN Dialogue Relations in Beijing this month.

"The mutual visits between the top leaders will infuse new vigor into China-Philippine relations," he said.

Li said exchanges and cooperation between the Philippines and China have increased during the presidencies of Mrs. Arroyo and Hu.

Between January and July this year, China-Philippines trade volume reached $12.1 billion, representing an increase of 31.6 percent over the same period last year, he added.

The number of Chinese tourists coming to the Philippines during the first five months of the year has reached 54,533 or an increase of 50.38 percent, Li said.