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In 2015, bilateral relations were difficult, and the trade between China and other Asian countries as well as between China and countries of the Association of Southeast Asian Nations went down by 7.8 percent and 1.7 percent respectively. However, the China-Philippines trade hit a record high of 45.65 billion U.S. dollars, up 2.7 percent from a year ago.

When addressing the annual high-level general debate of the 70th session of the United Nations General Assembly at the UN headquarters, Xi said China will stick to a path of peaceful development, dedicate itself to defending the existing world order founded on the UN Charter, and continue to support the global body.

The asset appraisal law will contribute to the sound development of the industry, as it defines the rights, obligations and legal liabilities of involved parties, regulates appraisal activities, and improves the administration system of the industry, Zhang said.

Some scholars believe that China's historical rights can be established from "historic bays" and "historic waters" in relevant articles of the UNCLOS.

The law does not prohibit foreign institutions from practicing asset appraisal in China, Lai said, stressing that authorities should conduct necessary reviews when appraisal agencies are established by foreign nationals or institutions, and when foreign institutions provide appraisal services in fields pertinent to China's economic security.