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Ladies and Gentlemen,

The premier concluded by emphasizing that on the road ahead, there might be risks and challenges and the government will never get complacent.

Hua cited Article 4 of the DOC which stated that the parties concerned undertake to resolve their territorial and jurisdictional disputes by peaceful means, "through friendly consultations and negotiations by sovereign states directly concerned", in accordance with "universally recognized principles of international law", including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Yang said China's development of its islands in the South China Sea is aimed at better performing its international obligations and is conducive to safeguarding navigation security in the region. He said the island development is strictly in line with environmental protection standards and requirements.

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.