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The country has resolved more than 890 billion yuan (about 128 billion U.S. dollars) in arrears of government departments and state-owned enterprises owed to private firms and SMEs in 2019, and 75 percent of the total had been cleared by the end of 2019, beating the goal of clearing more than half for the year.

"Huang said that the Chinese side looks forward to lending more strength to the disaster relief efforts on the Philippine side to overcome the difficulties and help the affected people restore their normal livelihood at an earliest date," the statement read.

The initiative reflects the "sincere and firm commitment of both parties to building together a common destiny even stronger and more prosperous," he said.

He also visited the old town of Heshun, a gateway on the ancient Southern Silk Road that linked China's Sichuan and Yunnan with Myanmar and India, to learn about exchanges, historical and cultural inheritance, as well as ecological and environmental protection along the trade route.

China and the United States formally signed their phase-one economic and trade agreement in Washington on Wednesday, with Chinese Vice Premier Liu He and U.S. President Donald Trump inking the papers at the White House.