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China, Philippines step up infrastructure cooperation

China, Philippines step up infrastructure cooperation
Economic relations between China and the Philippines have been elevated to a higher level as the two nations ramp up cooperation in infrastructure, said the Philippines' Finance Secretary Carlos G. Dominguez on Wednesday.To get more China business news, you can visit shine news official website.

"There is a list of key projects that we want to develop and China has been a strong support," said Dominguez, referring to China's financial support to the Philippines' "Build, Build, Build" program.

The "Build, Build, Build" program included 75 infrastructure projects, covering areas including railways, urban transport, airports, seaports and bridges.

"Our 'Build, Build, Build' program works in concert with China's much larger and broader Belt and Road Initiative," said Dominguez. "Going forward we hope to see more exchanges and boundless cooperation."

According to Xinhua News Agency, China has extended a $211.21 million loan for the New Centennial Water Source-Kaliwa Dam project and a $62.09 million loan for the Chico River Pump Irrigation project, two major Philippines' infrastructure projects.

The remarks were made this week when the Philippines' delegation visited Beijing to meet with officials from China's Ministry of Commerce to firm up possible new agreements on the two countries' infrastructure cooperation.

The per capita disposable income of Shanghai and Beijing residents exceeded 60,000 yuan ($8,900) for the first time in 2018, according to the National Bureau of Statistics.To get more China news, you can visit shine news official website.

Shanghai residents topped the country with the highest disposable income at 64,183 yuan, followed by Beijing at 62,361 yuan, then Zhejiang province at 45,840 yuan.

In 2018, the per capita disposable income of national residents was 28,228 yuan, an increase of 8.7 percent over the previous year or a real growth of 6.5 percent after deducting price factors.

Ten Chinese regions' per capita disposable income surpassed the national average, including Shanghai, Beijing, Zhejiang province, Tianjin, Jiangsu province, Guangdong province, Fujian province, Liaoning province, Shandong province as well as Inner Mongolia autonomous region.

Per capita wage income comprised a major part of disposable income of national residents, which accounted for 56.1 percent at 15,829 yuan last year, said

Beijing residents, for instance, had 37,687 yuan from wages in their disposable income, an increase of 7 percent.

Net per capita business operating income, property income and transferred income of national residents, on the other hand, stood at 4,852 yuan, 2,379 yuan and 5,168 yuan, respectively, accounting for 17.2 percent, 8.4 percent and 18.3 percent in national residents' per capita disposable income.

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