President Hu Jintao and Philippine President Gloria Macapagal-Arroyo witnessed the signing and exchange of 14 agreements worth US$1.5 billion yesterday.
The largest was a US$950 million agreement signed between privately held Philippine Nickel Corporation (Philnico) chairman Evaristo Narvaez and China Development Bank governor Chen Yuan to reopen a Philippine nickel refinery.
Three weeks ago, Philnico signed a memorandum of agreement with a mainland consortium comprising Jinchuan Non-ferrous Metal Group and Shanghai Baosteel Company to convert the shuttered refinery with technology that is more environmentally friendly, but also more expensive.
The Philnico plant is expected to resume operations by 2008.
Export-Import Bank of China chairman Yang Zilin signed a US$500 million loan for one of Mrs Arroyo's pet projects - the Northrail line that will link Manila to her home province of Pampanga.
Northrail president Jose Cortes also exchanged a pre-signed memorandum of understanding with Ren Hongbian, president of the China National Technical Import and Export Corp, on the construction of the next phase of the Northrail project.