The Philippines could benefit from China’s bid for modernization as the two countries, both developing economies, have been making efforts to achieve economic development, China’s envoy to the Philippines said Tuesday.

Ambassador Huang Xilian said Chinese modernization “will have far-reaching implications for the Philippines,” but only if both sides focus on the future and take new opportunities of cooperation.

In making the remark, the diplomat believed “China and the Philippines have similar development concepts, compatible development interests, complementary development advantages, and broad prospects for cooperation.”

But apart from that, China’s opening to the outside world will open up new major opportunities for its neighboring countries, which include the Philippines.

In fact, he asserted, “China is the Philippines’ largest trading partner and a major source of foreign capital.”

“In the future, we will focus on the new development pattern of dual circulation, continue to open up the country, boost trade, and encourage more Chinese companies to make the Philippines their first investment destination,” he added, noting that Philippine companies are welcome to do the same.

Huang believed that Philippines can draw wisdom and courage from the innovative practices and theories of Chinese modernization as well as put the development of the country and the nation on the basis of its own strength.

“We must firmly grasp the destiny of development and progress in our own hands and take the path of modernization that suits our own national conditions,” he added.