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Security cooperation is a focus of bilateral cooperation, Geng said. "China firmly supports President Duterte's efforts in drug control, fight against terrorism and transnational crimes, and help the Philippine government maintain the peace and tranquility of the country."

Commenting on the latest U.S. move to add some Chinese companies into its list of entities subject to U.S. export controls, the MOC said that China stands firmly against U.S. unilateral sanctions on Chinese entities.

He added that the summit will usher in a new future of China-Africa cooperation in economy and trade, culture, education, and science and technology.

-- Our financial cooperation is growing in depth. In December 2015, the central banks of our two countries renewed their currency swap agreement and signed an MOU on RMB clearing arrangements in the UAE. The two central banks also agreed to expand the RMB Qualified Foreign Institutional Investors (RQFII) pilot area to the UAE. The China-UAE Joint Investment Fund has finalized its plans for investment in 12 projects valued at 1.07 billion U.S. dollars.