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The Chinese economy is being transformed from fast growth to high-quality development. In 2017, the growth picked up for the first time in six years, reaching 6.9 percent, way above the 3.7-percent global economic growth.

In October, wage-earners hailed a personal income tax reform which exempts those who earn less than 5,000 yuan (725 U.S. dollars) a month.

Philippine Foreign Affairs Secretary Teodoro Locsin welcomed the formal opening of the Chinese consulate general in Davao, saying its inauguration underscores the growing cooperation between Manila and Beijing.

China rose 32 places this year on the WB's Doing Business index, said Kim, who particularly hailed the country's success by dropping the poverty rate in the less wealthy provinces by encouraging e-commerce.

The two governments signed a series of cooperation documents after the meeting between the two leaders, including the memorandum of understanding on the Belt and Road Initiative and another one on science and technology cooperation.