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"The bank is moving in the right direction with its cooperation agreements with multilateral development banks," Singapore's Senior Minister of State for Law and Finance Indranee Rajah said at the meeting of board of governors on Saturday.

These bilateral documents and the provisions of the DOC constitute an agreement between China and the Philippines who have obligation to negotiate to resolve their differences. Negotiation is the only way accepted by both parties to settle their disputes over the South China Sea, including demands introduced by the Philippines to the Arbitral Tribunal.

China's initiatives on building Silk Road Economic Belt and 21st century Maritime Silk Road have caught much attention of representatives in the meeting.

The two sides reviewed the results already achieved since the second meeting, and determined some new investment cooperation projects. They agreed to speed up the synergizing of the Belt and Road Initiative with the Eurasian Economic Union; give full play to the two sides' market advantages, resources, technology and talent; create more normative and favorable conditions; and jointly explore markets in third countries, the press release said.

Rainfall is expected to reach up to 400 millimeters in these areas, coupled with gales or thunderstorms.