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Lu said China's position of neither accepting nor participating in the arbitration unilaterally initiated by the Philippines remains unchanged.

As globally influential countries, China and the United States share vast common interests, Rice said, reiterating that Obama attaches great importance to bilateral ties.

China will modernize SOEs, enhance state assets management, promote mixed ownership and prevent the erosion of state assets, according to the guideline released by the Communist Party of China Central Committee and the State Council.

Prior to the latest discovery, a massive surface and underwater hunt had failed to find the plane in what had become one of the biggest mysteries in aviation history.

Supervision will be intensified both from inside and outside SOEs to prevent abuse of power and the erosion of state-owned assets, and a mechanism for accountability will be established to track violations, including corruption and embezzlement.