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The consensus of China and the Philippines regarding the settlement of disputes through negotiations has been confirmed in multilateral frameworks. The Declaration on the Conduct of Parties in the South China Sea (DOC), which China signed in 2002 with the Philippines and other ASEAN member states, states 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 UN Convention on the Law of the Sea," the Chinese ambassador explained.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee, stressed the role of S&T as a bedrock upon which "the country relies for its power, enterprises rely for success, and people rely for a better life."

He expressed hope that the two armies would maintain the current positive momentum of cooperation and enhance cooperation and exchanges in all areas and levels so as to contribute to the development of bilateral ties.

According to the plan, around 6 percent of quota shares were shifted to dynamic emerging markets and developing countries, making China the third largest shareholder of the IMF with quota rising from 3.996 percent to 6.394 percent.

Stressing the role of applied research, Li encouraged S&T entities to pursue market-oriented projects that benefit new industries and foster new growth sectors.