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China has recently taken a set of measures to stabilize the housing market and curb speculation.

China is the Philippines' top trading partner in 2017 with a total bilateral trade valued at .82 billion. China also ranked fourth biggest export market for the Philippines last year and the Philippines' top import source.

China increased domestic retail oil prices twice on August 4 and July 21 as international oil prices increased.

China has released a string of policies, such as raising the threshold for personal income tax, to reduce the financial burden on individuals to help unleash consumers' purchasing power and shore up consumption next year, he added.

China is a dynamic market and Chinese banks are highly efficient in embracing innovative solutions to remove frictions in the cross-border payments. This is clearly visible from the adoption rate of SWIFT's global payments innovation program, or gpi, in China, which is the highest among all countries on the SWIFT network, said Haddad.