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English>>China Business

China remains an 'engine' in global economy (2)

By Qin Jize and Cheng Guangjin (China Daily)

08:29, November 21, 2012

South China Sea

Wen also explained China's stance on the South China Sea issue in a closed-door meeting of the 7th East Asia Summit on Tuesday.

"Huangyan Island is China's inherent territory, and there is no question over its sovereignty. It is proper and necessary for China to safeguard its sovereignty. China's position on the South China Sea issue is clear and consistent. We attach great importance to peace and stability in the South China Sea and regional freedom of navigation and security, which has been fully protected, and we hope that the position of the South China Sea as an international waterway will be guaranteed."

"China adheres to the policy of good-neighborliness and friendship, and is committed to regional stability in the South China Sea. We have effectively responded to regional emergencies which were not provoked by us. China and ASEAN signed the Declaration on the Conduct of Parties in the South China Sea a decade ago, and we reached an agreement on the principles. We do not want the South China Sea issue to be internationalized. With the restoration and development of the world economy, we hope that the South China Sea will be more fully utilized."

At the end of the forum on Tuesday, negotiation for a new regional economic partnership was officially launched.

The Negotiation on the Regional Comprehensive Economic Partnership consists of 10 ASEAN nations and six key Asia-Pacific powers - China, Australia, India, Japan, South Korea and New Zealand.

Through the economic partnership, "ASEAN's five existing free trade agreements with six countries (China, Japan, South Korea, India, Australia and New Zealand) in the region would be brought under one umbrella agreement," said ASEAN Secretary-General Surin Pitsuwan.

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