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The statement criticized that the conduct of the arbitral tribunal and its awards seriously contravene the general practice of international arbitration, completely deviate from the object and purpose of United Nations Convention on the Law of the Sea (UNCLOS) to promote peaceful settlement of disputes, substantially impair the integrity and authority of UNCLOS, gravely infringe upon China's legitimate rights as a sovereign state and state party to UNCLOS, and are unjust and unlawful.

To create a favorable environment for this, China has pursued and promoted supply-side structural reform, streamlined administration, improved government services and rolled out VAT, Li said during a session with business executives at a World Economic Forum meeting in the northern Chinese city of Tianjin.

China prefers neighborhood diplomacy featuring amity, sincerity, mutual benefit and inclusiveness, and firmly follows the path of peaceful development, the premier stressed.

In history, the South China Sea used to be an important link via which the two countries conducted friendly and equal exchanges.

To fulfill its commitment to the Paris Agreement on climate change, China will cut its carbon emissions per unit of GDP by 60 to 65 percent by 2030 from the 2005 levels; increase non-fossil fuel sources in primary energy consumption to about 20 percent; and peak its carbon emissions by 2030. UN Secretary-General Ban Ki-moon said China had demonstrated great leadership with its remarkable commitment to the 2030 Agenda for Sustainable Development.