Joint development is an important part of China’s South China Sea policy.Benefiting from the steady development of the South China Sea situation and especially from the recent agreement between China and ASEAN countries on a single draft negotiating text of the Code of Conduct(COC)in the South China Sea,together with the improvement of China-Philippines relations and the establishment of the bilateral consultation mechanism on the South China Sea issue since late 2016,it is currently a favorable opportunity to promote cooperation on oil and gas resources in the South China Sea.A substantial breakthrough,if achieved,will not only help further consolidate the China-Philippines relations and reduce the adverse impact of the South China Sea arbitration case,but also probably prompt other South China Sea countries to follow suit.Therefore,it is of practical significance to study the feasibility and challenges of bilateral joint exploitation of hydrocarbon resources in the South China Sea.
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