CHINA-OIL EXPLORATION IN SOUTH CHINA SEA
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An official of the China Petroleum Enterprise Association published an article in China Economic Times on August 27, 2014, titled, “(China) needs to wield both the carrot and the stick in South China Sea oil development.” Referring to China's decision in mid-July to pull its rig out of Vietnamese claimed waters, he said that China had made the statement that “I have the sovereignty.” “This is my place. ... I have my reasons for coming and going. Others have no right to point fingers or make any irresponsible remarks.” The article concluded that, when facing such a complicated dispute, China can, while wielding the stick, also offer some carrots. China does not need to exclude others from joining it for co-development and by offering opportunities for cooperation, China can force the opponent back to the negotiating table and eventually realize joint development. In some highly disputed areas in the South China sea, China can invite foreign oil companies, including Taiwanese oil companies, for co-development.
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