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China's non-acceptance of and non-participation in the arbitration conforms with the general practice in addressing international disputes. National consent is the very core and soul of international law. The key to resolving disputes over territory and maritime rights and interests is for parties directly concerned to reach consensus ad idem. The Philippines' unilateral initiation of arbitration is by no means aimed at resolving the dispute. Rather, it is to further complicate the situation and to vilify China. What the Philippines is doing is an out-and-out political provocation. By contrast, China's way of addressing disputes over territory and maritime rights and interests through bilateral consultations and negotiations has proven effective. As a matter of fact, China has properly settled land boundary issues with 12 countries and completed the delimitation of maritime boundary in the Beibu Bay with Vietnam. China will continue to follow its current practice and will not accept arbitration as a way to settle disputes over territory and maritime rights and interests.

Published on Alriyadh of Saudi Arabia

Invited by Wang, Thapa is on an official visit to China from Dec. 24-29.

"Whether these committees are competent and fully functional affect the Party's governance capacity, leading status and development of the Party and the country," said a statement accompanying Monday's release of the regulation by the CPC Central Committee.

The prudent monetary policy needs to be more flexible to create appropriate monetary conditions for structural reforms and lower financial costs.