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The two countries need to enhance cooperation on international and regional issues, so as to maintain international and regional peace and stability, said the vice premier.

Speaking on behalf of 31 like-minded states and 30 years after the Declaration on the Right to Development was adopted, Liu stressed that international cooperation should form the backbone of forward-thinking policies supporting the unassailable right.

"The traditional friendship between our two countries and peoples has stood the historical test amid the changes of the international landscape and our respective national conditions, and become even stronger," the Chinese president said in a written speech delivered at the airport.

Therefore, the cognitive, decision-making and strategic errors the Aquino government committed will finally bring bitter fruit to its people and even undermine regional stability and prosperity.

We need to advance structural reform, in particular that on the supply side. The structural problems facing the Chinese economy are about both the supply and demand sides, especially the supply side. We need to advance structural adjustment through reform, reduce inefficient and low-end supply, and expand effective and medium- to high-end supply. This is conducive to economic transformation as well as growth. A major task for us is to phase out outdated production capacity and address overcapacity, especially in steel, coal and other sectors that face difficulty in operation. Initial progress has been made in recent years, as is shown in the lowering production of raw coal and crude steel, but our efforts must well continue. We will adopt a market-based and rules-based approach and apply strict standards in environmental protection, quality and safety. The biggest challenge is how to address possible layoffs in this process. Businesses need to take multiple measures to ensure that their employees will get reemployed. Both the central and local governments should provide necessary support to take care of the affected employees. Overcapacity is a global challenge. The fact that we have taken the initiative to cut overcapacity demonstrates that China is indeed a responsible country.