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Xi made the remarks during a virtual conference with the members of the Association of Southeast Asian Nations, or ASEAN, held to mark the 30th anniversary of relations between China and the grouping.

Two diplomats said ASEAN member Myanmar was not represented at Monday’s meeting after its military-installed government refused to allow an ASEAN envoy to meet with ousted leader Aung San Suu Kyi and other arrested politicians. Military ruler Gen. Min Aung Hlaing was also barred from representing his country at the last ASEAN summit.

China has repeatedly sought to overcome concerns about its rising power and influence in the region, particularly its claim to virtually the entire South China Sea that overlaps the claims of ASEAN members Malaysia, Vietnam, Brunei and the Philippines.

China resolutely opposes hegemonism and power politics, wishes to maintain friendly relations with its neighbours and jointly nurture lasting peace in the region and absolutely will not seek hegemony or even less, bully the small,” Xi said, according to the official Xinhua News Agency.

Xi’s remarks came days after Chinese coast guard ships blocked and sprayed a powerful stream of water at two Philippine boats carrying supplies to troops at a disputed South China Sea shoal and forced them to turn back.

Philippine President Rodrigo Duterte highlighted the incident in his remarks at the conference, referring to the shoal by its Philippine name.

We abhor the recent event in the Ayungin Shoal and view with grave concern other similar developments. This does not speak well of the relations between our nations and our partnership, Duterte said, according to a statement from his office.

Duterte also called on China to respect the 1982 United Nations Convention on the Law of the Sea which establishes maritime entitlements and sovereign rights over maritime zones, along with a 2016 Hague arbitration ruling that mostly invalidated China’s South China Sea claims. China has refused to recognise the ruling.

We must fully utilise these legal tools to ensure that the South China Sea remains a sea of peace, stability and prosperity, Duterte said.

On Monday, the Philippines redeployed the two supply boats to provide food to the marines based at Second Thomas Shoal aboard a World War II-era warship which it deliberately ran aground in 1999 in a move to fortify the country’s claim. Chinese vessels have surrounded the shoal and demanded the Philippines tow away the ship, the BRP Sierra Madre.

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The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and dropped him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years as Saudi Arabia and Russia vowed to pump more in a struggle for market share just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest producer.

While the coronavirus has curtailed some of Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian company’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil.

Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

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MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 percent. Australian shares fell 1.86 percent, while Japan’s Nikkei stock index slid 1.45 percent. Yields on 10-year US Treasuries fell to a record low as investors increased bets that the Federal Reserve will follow this week’s surprise 50 basis point rate cut with further easing to prevent corporate bond spreading.

SBI share price loses 6.61% to Rs 269.25 on BSE. SBI has been asked to form a consortium and invest in YES Bank. Bank Nifty lost 4.18% to 27,565 compared to the previous close of Rs 28,815.

Benchmark indices Sensex and Nifty crashed in opening trade today inline with global equites fear of coronavirus spread gripped investors. RBI took over the management of private sector lender YES Bank which also weakened sentiment in domestic market.ds from widening further.

Tumbling yields hammered the dollar, which traded near a six-month low versus the yen and close to a two-year trough against the Swiss franc. Oil prices rose on hopes that output cuts would protect the market from an expected decline. The toll in coronavirus deaths in the United States has risen to 12 after officials confirm another fatality in Washington state. Several states announced their first positive tests, including Maryland, which has declared a state of emergency.

Vice President Mike Pence has acknowledged that the outbreak has continued to disrupt the economy and strain resources.

Maryland Gov. Larry Hogan (R) said Thursday that three positive coronavirus cases were confirmed in the state, and that the patients contracted the virus while traveling overseas. They are quarantined in their homes in Montgomery County, a suburb of about 1 million people outside Washington, DC.

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