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Third, advance global trade and investment liberalization and facilitation. We are now faced with a sluggish global economy and weak global demand. Trade-restrictive measures will only aggravate the situation and slow down global recovery. They will in no way help solve problems or facilitate structural reform. We need to firmly support economic globalization, oppose protectionism in all forms, and uphold the dominant role of the multilateral trading system.

Talmon pointed out that there are over 160 parties to the UNCLOS, but only 30 have made appointments to the list of arbitrators, and merely three of them are Asian states.

This penalty also applies to those who illegally enter China's territorial seas to fish but do not engage in "illegal fishing" under the law, it said.

Quoting an old saying "There's no free lunch", the ambassador said it "sums up the actions of the tribunal, paid with Philippine money."

According to this year's figures, four countries stand out in terms of "innovation quality", namely Japan, the United States, Britain and Germany.