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"China has undertaken substantial efforts to improve the domestic business climate for small and medium-sized enterprises, maintaining an active pace of reforms," said Martin Raiser, World Bank country director for China.

"China is a true friend of the Philippines because you are giving happiness to the Filipinos, especially to the less-privileged people who live in the remote community," Ranque said.

"China did not seek to impose itself on other nations and wanted to develop relationships based on mutual respect and peace," she stressed. "Unfortunately, some nations seem to be unwilling to give China a chance."

"By the end of the year, we are likely to open tenders for the aero engine, and Rolls-Royce and General Electric are expected to join the bid. We are also trying to develop engines ourselves together with Russia."

"China has a high savings rate. It used to be a huge advantage, but we'll lose that advantage if borrowing grows faster than savings," he added.