Economy

The Hague Arbitration Rules Against China in South China Sea Dispute

Thinkstock

In one of the mot anticipated rulings about international law as relates to China’s claim to the rights of large portions of the South China Sea, an arbitration panel has ruled against the People’s Republic.

According to CNBC:

Judges at an arbitration tribunal in The Hague on Tuesday rejected China’s claims to economic rights across large swathes of the South China Sea in a ruling that will be claimed as a victory by the Philippines.

“There was no legal basis for China to claim historic rights to resources within the sea areas falling within the ‘nine-dash line’,” the court said, referring to a demarcation line on a 1947 map of the sea, which is rich in energy, mineral and fishing resources.

In the 497-page ruling, judges also found that Chinese law enforcement patrols had risked colliding with Philippine fishing vessels in parts of the sea and caused irreparable damage to coral reefs with construction work.

Most experts believe the decision will not mean much to the Chinese, so tensions about the matter will continue to boil.

Sponsored: Want to Retire Early? Here’s a Great First Step

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.