Wang's four-point proposal is based on international laws. It conforms to the guidelines for the implementation of the DOC that China and ASEAN member states agreed upon in 2011. The proposal is consistent with Beijing's long-held stance that China and ASEAN member states should resolve the maritime disputes step by step.

Besides, the two sides should cooperate in less sensitive fields to build mutual trust. And based on enhanced mutual trust and maritime cooperation in less sensitive fields, the two sides should make further efforts to enact legally binding agreements such as a COC.

Of course, it will take time for the complete resolution of the disputes, but that does not mean the parties cannot seek ways of common development on a mutually beneficial basis. As Wang said, joint development is not only for economic interests, but also to show the rest of the world that the disputing countries are willing to resolve the disputes through peaceful means.

China's approach to the disputes meets the basic requirements for the exploration and exploitation of resources in the South China Sea. On the one hand, all the parties have the right to exploit resources in the region, especially through deeper cooperation in less sensitive fields. On the other hand, the parties should make joint efforts to enact legally binding documents like a COC for reasonable exploitation of the marine resources.

This is particularly important because the DOC has some technical problems when it comes to implementation; it cannot help resolve the disputes because of its non-legally binding nature.

A legally binding code can help regulate the activities of the countries in the region and ensure that the marine resources are exploited reasonably. For instance, although maritime cooperation in developing fishery resources is not included in the DOC, China and ASEAN member states can hold discussions to establish a regional cooperation framework for fishery resources management and emergency response. This will not only protect the rights of fishermen, but also prevent further disputes, which in the past have been mostly triggered by incidents involving fishermen.

The formulation of a COC will accelerate the process of building a sound legal regime in the South China Sea for the common interests of all stakeholders. As always, China will strive to make its due contribution to regional peace and stability and realize its goal of evolving into a regional maritime power.

The author is the director of the Center for China Marine Strategy Studies, Shanghai Academy of Social Sciences.