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"China's determination to reform and open up has given us confidence in expanding our business in China," said Duan.

"China's financial sector will be much more competitive, our capital markets will continue to enjoy healthy development, the building of a system of modern industries will be accelerated, our market environment will be greatly improved, and intellectual property rights will be effectively protected. In short, China will enter a new phase of opening-up," she added.

"Compared with CAFTA, the RCEP constitutes a bigger market so it means bigger trading opportunities. All of this will contribute to more trade, more development and more improvement in people's livelihoods," Philippine Ambassador to China Jose Santiago Sta. Romana said at the expo.

"China will keep its commitments," said Chua, who was attending the forum as a member of the Philippine business delegation.

"China's steel output rose this year as downstream demand from infrastructure construction picked up on government's investments, boosting inbound shipments of iron ore," she said.