China is ready to resume oil and gas talks and manage maritime issues "cordially" with the Philippines, China President Xi Jinping said on Wednesday, according to Chinese state television. Xi was speaking to his Philippines counterpart Ferdinand Marcos Jr, who was on a three-day visit to Beijing. Beijing territorial claims in the South China Sea, which is rich in oil, gas and fish and where about $3 trillion in ship-borne trade passes annually, had been a source of tension between it and some Southeast Asian countries, including the Philippines. The Philippines had previously raised concerns over reported Chinese construction activities and the "swarming" of Beijing's vessels in disputed waters of the South China Sea. While the Philippines is a defence ally of the United States, under previous leader Rodrigo Duterte it set aside a territorial spat over the South China Sea in exchange for Chinese investment.

Source: The Standard January 05, 2023 01:23 UTC