On Thursday, China said it stands ready to work with member countries of the Association of Southeast Asian Nations to accomplish a code of conduct in the South China Sea as soon as possible.

At a press conference in Beijing on the sidelines of the second session of the 14th National People's Congress, Foreign Minister Wang Yi voiced China's hope to turn the South China Sea into "the sea of peace and cooperation".

Wang urged both China and ASEAN countries to continue to implement the Declaration on the Conduct of Parties in the South China Sea - which was signed in 2002 - while speeding up negotiations to reach a code of conduct in the region.

China and ASEAN countries launched the third reading of the text of the code of conduct at a senior officials' meeting in Beijing in October last year. 

Half of the world's commercial vessels go through the South China Sea as it is "the busiest, safest and most free waterway" in the world, Wang said.

The most important reason why the region has maintained peace and stability, according to Wang, is because regional parties have followed two principles.

"One is that differences should be properly managed and resolved through talks between countries directly involved. The other is that peace at sea should be upheld by China and ASEAN countries working together," he said.

Tensions in the South China Sea have risen over the past several months, due to repeated intrusions by Philippine vessels in waters adjacent to China's Ren'ai Reef and Huangyan Island.

In the latest move, two coast guard vessels and two supply vessels of the Philippines entered adjacent waters of Ren'ai Reef on Tuesday, according to the China Coast Guard.

One of the Philippine coast guard vessels acted "unprofessionally and dangerously", and "deliberately bumped into" a Chinese coast guard boat, the China Coast Guard said in a statement.

Pointing out that the South China Sea islands have long been territories under the jurisdiction of the Chinese government, Wang said on Thursday China has practiced great restraint over maritime differences.

The foreign minister said China believes parties involved should maintain amity and seek a solution they all accept.

"But we don't allow our good faith to be abused. We don't accept distorting maritime laws," he said, adding that China will defend its rights according to law and respond promptly and reasonably to provocations.

"We also urge certain countries outside the region to refrain from sowing discords and taking sides and not to become a troublemaker for the South China Sea," Wang said.