China and ASEAN to Set Up $474 Million Maritime Fund
Officials say China has offered a 3 billion yuan (US$474 million) maritime co-operation fund with the 10-member Association of Southeast Asian Nations, some of whose members have territorial disputes with Beijing.
Vietnamese Deputy Foreign Minister Pham Quang Vinh said China announced the fund Friday at the inaugural maritime forum of ASEAN and eight of its partners, including Japan, China, South Korea and the U.S.
Pham says ASEAN and China are discussing possible activities to finance. ASEAN and China co-operate in maritime issues including navigation safety, biodiversity and search and rescue.
– AP