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PRAGMATIC COOPERATION

"Developed countries should honor their commitment, mobilizing 100 billion U.S. dollars each year before 2020, and provide stronger financial support to developing countries afterwards," said Xi.

China's non-acceptance of and non-participation in the arbitration is to honor the joint commitment it has made with the Philippines. The two sides reached consensus a long time ago on how to address the dispute. China and the Philippines have issued joint statements and news releases on multiple occasions and they both signed the Declaration on the Conduct of Parties in the South China Sea (DOC), in which the two sides have pledged to settle disputes through friendly negotiations and consultations. By unilaterally initiating the arbitration, the Philippines has negated its solemn commitment to its neighbors and the international community, and breached one of the core principles in international relations - Pacta sunt servanda ("agreements must be kept"), thus jeopardizing its own international credibility. By contrast, China's position of not accepting or participating in the arbitration demonstrates that it is true to its words.

In a joint statement issued after last year's SCO prime ministers' meeting in the Kazakh capital of Astana, the member states vowed to accomplish more in their common development with new consensuses on deepening win-win cooperation, in the economic area in particular.

During their talks, Zhang and Hung signed a cooperation agreement between the NPC and Vietnamese National Assembly.