Chinese Vice Foreign Minister Liu Zhenmin said on Thursday bilateral ties between the two countries have now been fully restored and the two countries are ready to begin a new stage of cooperation.

"The visit paid by President Duterte and the talks between the two heads of state have great significance, and have a four-fold meaning. First, it signifies the friendship between both countries has been fully restored. Secondly, it also means that cooperation between both countries will now enter a new phase. Thirdly, China and the Philippines will properly handle the South China Sea issue, opening a new page and returning to negotiations and dialogue. Lastly this signifies that traditional friendly ties have been fully restored," Liu said.

Liu said China and the Philippines would also restore cooperation mechanisms on diplomatic consultation, defense and security consultation, and political party and congress exchanges. He said China has also invited the Philippines to participate in the Maritime Silkroad initiative, so that it can benefit from regional economic cooperation.