Premier Li Keqiang addresses his counterparts during the China-ASEAN leaders' meeting held online during the 37th summit of the Association of Southeast Asian Nations in Hanoi on Thursday. (NHAC NGUYEN / AFP)

China calls on all parties involved to speed up consultations on the expected Code of Conduct in the South China Sea in a flexible and pragmatic way, Premier Li Keqiang said on Thursday.

Li made the remark during the annual China-ASEAN leaders' meeting via video link.

He urged all 10 Southeast Asian member countries to overcome the impact of COVID-19 and think in a creative manner when approaching talks on the document, which is designed to help manage the South China Sea situation.

China and ASEAN countries will demonstrate to the international community that they have the wisdom and capability to properly manage the situation in the South China Sea and safeguard its peace and stability, Li said

By so doing, China and ASEAN countries will demonstrate to the international community that they have the wisdom and capability to properly manage the situation in the South China Sea and safeguard its peace and stability, Li said.

Beijing will positively consider convening face-to-face consultations in China as soon as the COVID-19 pandemic allows in order to bring forward the second reading of the code of conduct's draft, according to the premier.

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Li said the South China Sea is the shared home of countries in the region, the situation there is stable in general and that China and ASEAN countries have worked to actively manage differences and steadily advance consultations on the code.

China remains firmly committed and determined to conclude the consultations at an early date, Li said.

Thursday's annual meeting took place in a historic year that has seen ASEAN as a whole become China's largest trading partner.

In the first three quarters, trade between China and ASEAN reached $481.8 billion, a year-on-year rise of 5 percent, and China's total investment in ASEAN countries increased by 76.6 percent year-on-year, Vice-Foreign Minister Luo Zhaohui said on Wednesday.

Also, China and ASEAN have been working jointly to fight the novel coronavirus since the pandemic's outbreak, enhancing cooperation and sharing their experience in the fight.

Li stressed that the concerted, combined force of China and ASEAN has been a key factor underlying the strong momentum of China-ASEAN cooperation and its important role in ensuring regional peace, stability, development and prosperity.

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To further catalyze China-ASEAN teamwork, Li made a four-point proposal encompassing public health, trade, digital economy and sustainable development.

China will actively consider ASEAN countries' needs for a COVID-19 vaccine and will take practical actions to promote the accessibility and affordability of vaccines, Li said. He called for launching a China-ASEAN public health emergency liaison network at an early date.

In terms of promoting regional economic recovery, Li said China welcomes the upcoming signing of the Regional Comprehensive Economic Partnership trade agreement, which will upgrade regional trade and bolster investment liberalization and facilitation.

The two sides also should exchange their experience in fields such as digital governance and jointly ensure data security and network security, Li said, adding that China expects early results in projects that involve areas like maritime cooperation.

The meeting issued two documents. The first was an action plan aimed at implementing in 2021 to 2025 the Joint Declaration on ASEAN-China Strategic Partnership for Peace and Prosperity, which was signed by the 11 countries in 2003.

The second document was an initiative calling for building a China-ASEAN cooperative partnership on digital economy.

The meeting also announced that 2021 will be the year of China-ASEAN sustainable development.