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In addition to self-sustaining development, China also encourages more-developed regions to form partnerships with less developed ones, to lend a hand with infrastructure and investment.

Furthermore, due to the country's large foreign exchange reserves, the Chinese government may provide financial support for investment abroad, Lyu said.

This year marks the 25th anniversary of the China-ASEAN relationship. Li said China and ASEAN are good neighbors and partners, and communicate and cooperate in various fields.

The fact is China has grown from an impoverished, falling-apart country into the second largest economy in the world. Khairy Tourk, associate member of the Center for East Asian Studies of the University of Chicago and professor of Stuart School of Business of Illinois Institute of Technology, described Chinese economy as "a rising sun whose brightness is impossible to hide" .

Another reason for China declined to attend the arbitration proceedings is that, in 2002, a Declaration on the Conduct of Parties in the South China Sea was agreed, promoting bilateral negotiation among the disputing nations over sovereignty issues, and calling for the freedom of navigation in the South China Sea for all nations of the world in accordance to UNCLOS.