South China Sea ruling has little effect on ratings - Moody's

In the statement of all 28 European Union governments, the bloc acknowledged Tuesday's ruling in The Hague and said it was "committed to maintaining a legal order of the seas and oceans". It has reacted angrily to calls by Western countries for the decision to be adhered to.

The US Navy's top admiral is making a three-day visit to China and meeting with his Chinese counterpart at a time when Beijing has rejected an global tribunal's ruling that invalidated its expansive claims in the South China Sea.

"Li Keqiang expounded on China's principle and stance on the Philippines' South China Sea arbitration case", Xinhua said.

The move, if undertaken, would strengthen the electricity and power system in the South China Sea, which expedite the commercial development in the area. There is much economic commerce performed in the South China Sea and the waters are claimed by several countries East Asia, including Vietnam and Malaysia.

Although rivals, self-ruled Taiwan and China share the same territorial claims, pitting them against other claimants, chiefly the Philippines and Vietnam.

The verdict was discussed on Thursday between Lao Prime Minister Thongloun Sisoulith and Li ahead a regional summit in Mongolia.

"We value the award given by the (tribunal), and the Philippines will not concede any of the awards given to us", said Solicitor-General Jose Calida in comments, following two days of carefully calibrated responses from the Philippines that are nearly certain to irritate China further.

"We will not concede any of the awards given to us".

According to the ruling released on Tuesday, China has no legal right to claim historical control over the waters and that it had violated the Philippines' rights when Chinese vessels breached Philippine sovereignty in the energy-rich waters.

MAC Deputy Minster Chiu Chui-cheng said in a press conference, however, that the government will aggressively engage in dialogue with all parties concerned, including China, to solve the South China Sea controversies in a peaceful way.

The EU said in a Friday statement that it "expresses the need for the parties to the dispute to resolve it through peaceful means".

And that's why the tribunal had been trying to deny the fact that Taiping Island is actually an island, by narrowly and improperly construing relevant articles in the United Nations Convention on the Law of the Sea (UNCLOS), he said.

"War is not an option".

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

Immediately after the ruling, the normally brash and outspoken Duterte privately told his ministers to be magnanimous and not to pique Beijing, according to one minister. Experts said little progress had been made on the plan, which would likely stoke further tensions.

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