Chinese Ambassador to the Philippines Liu Jianchao gestures during a news conference at the Ambassador's residence at the country's financial district of Makati city, east of Manila, Philippines Thursday, June 9, 2011. China warned Asian neighbors Thursday to stop searching for oil near the disputed Spratly Islands and vowed to assert its sovereignty over the potentially petroleum-rich territory in the South China Sea despite rival claims.
Currently, China is the largest public financier of coal overseas, accounting for over 60% of public financing between 2013 and 2018, according to research by the Global Development Policy Center’s Gallagher and colleague Xinyue Ma. Meanwhile, the Philippine GNPK 4X135MW coal-fired power plant project, which has the largest installed capacity on Mindanao, is under negotiations by the China and Philippine governments as part of its government-togovernment projects.