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"If it succeeds, the initiative will create new wealth growth opportunities in the vast Eurasian continent and seas," said Gu Xuewu, director of Center for Global Studies at the University of Bonn, "Its importance cannot be underestimated."

The Chinese Ministry of Foreign Affairs immediately issued a statement saying it "solemnly declares that the award is null and void and has no binding force. China neither accepts nor recognizes it."

The two sides discussed security issues relating to sovereignty, maritime interests, the Internet, space and military relations.

Chen Guiya, deputy director of the Yangtze River Water Resources Committee, said there is absolutely no room for slack in the flood control efforts as several river banks have suffered damage by floods.

"From the outset, critics like me said that it would be very difficult to avoid sovereignty issues (when handling the Philippines' claims)," said the professor.