Abe calls on Li to abide by South China Sea ruling

In its ruling Tuesday, the tribunal found China's far-reaching claims to the South China Sea had no legal basis and that Beijing had violated Philippine maritime rights by constructing artificial islands and disrupting Filipino fishing and oil exploration.

State news agency Xinhua quoted Chinese Premier Li Keqiang as saying on Saturday in Ulaanbaatar that the court's decision would have "no impact whatsoever" on Chinese sovereignty and maritime rights and interests in the South China Sea.

The US put itself on a collision course with China on Tuesday when it described the ruling as "final and legally binding".

Hoang Ngoc Giao, director of a Hanoi-based nongovernmental organization studying legal policy and development, called the ruling at The Hague a victory for justice and global law. He also reaffirmed his position that China must accept the ruling in a meeting with Philippine Foreign Affairs Secretary Perfecto Yasay.

Moody's said geopolitical tensions could hurt countries' credit profiles if they risked having a negative economic impact, for instance, because of sanctions or conflict; if they entailed significant fiscal costs through defense spending; or if they hampered policymaking by undermining the effectiveness of policy decisions or implementation.

"Thongloun said that Laos supports China's position, and is willing to work with China to maintain peace and stability in the South China Sea region", the ministry said in a statement, without elaborating. Laos' foreign ministry did not respond to Reuters' request for comment and its state media made no mention of Thongloun's comments to Li.

China claims much of the South China Sea, through which more than $5 trillion of trade moves annually.

Japanese Prime Minister Shinzo Abe encouraged Chinese Premier Li Keqiang to respect the rule of worldwide law during a sideline meeting at the summit.

New President Rodrigo Duterte has been more reconciliatory to China that his predecessor, Benigno Aquino III, who filed the case against Beijing in 2013, straining relations.

"I hope that one day Vietnam will follow the Philippines' example and find a way to sue China in an global court to win back our territorial rights", he said. "So, what is the other side?"

Leaders of the Southeast Asian grouping have so far failed to issue a statement on the ruling, reportedly due to objections from member states with close ties to China.

"We will not concede any of the awards given to us". It said this view had not changed after the tribunal's ruling.

He added that "we're urging both China and the Philippines to abide by the ruling".

The Philippines brought the case against China in the Court, arguing that the land formations claimed by Beijing in the South China Sea are not islands and therefore are not entitled to 200-nautical mile exclusive economic zone.

The chief of its naval operations, Admiral John Richardson will discuss the South China Sea among other issues when he meets China's navy commander, Admiral Wu Shengli, from Sunday on a three-day trip to "improve mutual understanding", according to a US navy statement.

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