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Meanwhile, he added, the SCO development bank is to be based on the principles of common benefit and closer local-currency settlement cooperation, which will significantly promote regional trade and economic cooperation, particularly financial cooperation.

In an interview during the 48th ASEAN Foreign Ministers' Meeting, Wang said that as a developing country, China congratulated the Southeast Asian countries on the establishment of ASEAN Community by the year-end, which will strengthen the force of the developing countries.

China pledged to advance the rule of law, which naturally requires strict enforcement of law with no exception.

The Chinese government published a Position Paper on Dec. 7, 2014, to elaborate on the legal basis for China's position on the arbitration proceedings. It says that the Arbitral Tribunal manifestly has no jurisdiction in this case.

Xu pointed out the successful development of a third-generation nuclear reactor design, known as the Hualong One, as an example of China's advancements in the field of nuclear technology.