Economic relations between China and the Philippines have quickly improved over the last two years, as the two countries put political differences aside in favor of mutual economic benefits, an ethnic Chinese entrepreneur in the Philippines and local experts told the Global Times on Wednesday.

Seeking mutual benefit was also a key theme of Chinese Premier Li Keqiang's five-day visit to the Philippines from November 12-16, where he attended the Association of Southeast Asian Nations (ASEAN) Summit, followed by an official visit to the country, the first visit to the Philippines by a Chinese premier in 10 years.

In an article written by Li and published in the Manila-based newspaper the Philippine Star on Sunday, Li said he hopes his visit will expand bilateral cooperation and open new opportunities for China-Philippines relations.

"In the context of our thousand-year friendly interactions, our differences are just brief interludes and will not weaken our commitment to good neighborliness and friendship," Li wrote.

The Philippine Star on Wednesday also reported that China has pledged an estimated $7.34 billion in loans and grants to the Philippines for the implementation of infrastructure projects and other priority programs.

Reginald Yu, a Filipino whose grandparents were from East China's Fujian Province, who runs a paint manufacturing company in the Philippines, told the Global Times that the two countries' economic relations have markedly improved in the last two years.

Yu says economic ties between the two countries had not been satisfactory over the past few years. In 2014, China's net direct investments in the Philippines only accounted for about 2 percent of total investments China has made in ASEAN countries.

But things started to warm up recently. According to November customs data, China's trade with the Philippines surged by 8.2 percent year-on-year to $4.15 billion in the first 10 months of the year.

Wilson Lee Flores, chairman of the News and Public Information Committee, Federation of Filipino Chinese Chambers of Commerce and Industry, also said that there has been an increase in Chinese investments in the Philippines since Philippine President Rodrigo Duterte came to power.

"The increase in Chinese investments is just now beginning. I foresee significantly more China investments in 2018 and in the coming years as bilateral ties are further normalized," Flores told the Global Times on Wednesday.

Zhao Jianglin, a research fellow at the National Institute for Global Strategy under the Chinese Academy of Social Sciences, told the Global Times that industries in China and the Philippines used to have a lot in common, making them fierce competitors. Nowadays, however, the Philippines relies on investments and labor-intensive manufacturing, while China has surpassed this phase.

"Now the two countries' economies complement each other very well, with China hoping to move its industries to the Philippines, while the Philippines is in need of investments from China to develop its infrastructure," she said on Wednesday.

Yu noted there are opportunities in the Philippines for Chinese investors in areas like vehicles, mining, housing and engineering.

Setting aside political differences

Zhao said that political friction caused by the South China Sea issue had hindered the two countries' economic relations. "The Philippines is now at a phase where it wants to put economic development first. I don't think they will allow political disputes to stand in the way of economic cooperation with China," she said.

Flores noted that although past disputes and misunderstandings between the two governments have caused some diplomatic crises, the Filipino people in general have a positive and welcoming attitude toward Chinese businesspeople.

Flores says remaining challenges for China-Philippine business ties mainly stem from a lack of understanding.

"Philippine businesses in general have been overly Americanized and thus people unfamiliar with the realities and customs of fast-rising China businesses. Chinese businesspeople, on the other hand, might not fully understand that Philippine businesses operate in a highly legalistic environment. This can be overcome with more exchanges," he said.