China Counters U.S. Concerns on Sea Trade as Wen Meets Obama

China proposed a maritime cooperation fund and said it has no interest in impeding trade as it counters moves by the U.S. and the Philippines to address territorial disputes in the South China Sea.

The 3 billion-yuan ($472 million) fund would develop a “maritime connection network” with Southeast Asian nations, Assistant Foreign Minister Liu Zhenmin told reporters yesterday in Bali, Indonesia. Chinese Premier Wen Jiabao reiterated China’s stance that territorial disputes should be left off the agenda at regional forums and addressed directly between claimants, the official Xinhua News Agency reported.