DAVAO, the Philippines, Oct. 29 (Xinhua) -- Chinese State Councilor and Foreign Minister Wang Yi met with his Philippine counterpart Teodoro Locsin and Finance Secretary Carlos Dominguez in Davao City on Monday.

In the meeting with Locsin, Wang said that under the guidance of the leaders of the two countries, China-Philippines relations have maintained the momentum for development in the past two years, which is in the interests of the two peoples.

China is willing to develop all-round cooperation and manage differences properly with the Philippines for a more stable, peaceful South China Sea, Wang said.

The Chinese side is also willing to closely work with the Philippine side to promote and deepen pragmatic cooperation in security, development, culture and maritime affairs, so as to explore new broad prospect for China-Philippine relations, the Chinese State Councilor said.

For his part, Locsin said that his country is content with the ever-improving bilateral relations and the ever-strengthening bilateral cooperation with China.

The Philippine side is willing to continue to properly manage differences, push forward pragmatic maritime cooperation, and actively participate in the Belt and Road Initiative, he said.

In a meeting between the Philippine economic management team led by Finance Secretary Dominguez and Wang, they discussed updates on the status of the economic cooperation agreement.

Wang said the development of China-Philippine relations has provided favorable political guarantees for economic and trade cooperation. The bilateral economic cooperation can expand to new areas, including projects of the Belt and Road Initiative, so as to benefit the two countries and their people.

The Philippines is welcome to participate in the China International Import Expo (CIIE) which is slate to be held from Nov. 5 to 10 in Shanghai, and is willing to create better conditions to expand the Philippine exports to China, Wang noted.

Dominguez said there are more cooperation between China's Belt and Road Initiative and the Philippines' "Build, Build, Build" infrastructure program. He hoped the meeting will help to continue expanding the mutually beneficial economic, trade and investment collaboration between the two countries.

The Philippines fully supports the initiative, and will actively participate in the CIIE, he noted.

Wang also met former Philippine Foreign Affairs secretary Alan Peter Cayetano during his visit in Davao.