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The meeting agreed to set up a system for evaluating the business environment in China that is comparable internationally, aligned with World Bank standards and reflects Chinese features. The assessing criteria shall cover areas of immediate concern to market entities, such as ease of opening a business, construction licensing, access to electricity and credit, paying taxes, filing for bankruptcy, and the protection of intellectual property rights.

China will continue to work with all parties concerned to achieve peace in the Middle East, said the Chinese envoy.

The company, established in 2006, is a joint venture between Arctic Green Energy Corporation of Iceland and Sinopec Star Co., Ltd., a subsidiary of China Petrochemical Corporation (Sinopec), China's largest geothermal developer.

"China is our partner in the path of development," Sanchez emphasized.

MANILA, Nov. 21 (Xinhua) -- Visiting President Xi Jinping has called on legislative bodies from China and the Philippines to further exchange experience in state governance and push forward multilevel, multiform cooperation for the development of the two nations' bilateral ties.