State Councilor and Foreign Minister Wang Yi said on Wednesday that the first reading of the Single Draft Negotiating Text of the Code of Conduct (COC) in the South China Sea?has been finished ahead of schedule.

Wang confirmed the latest progress when addressing the China-ASEAN Foreign Ministers' Meeting on Wednesday in Bangkok, Thailand.

Wang said that in the past year, China and Association of Southeast Asian Nations members, following the spirit of the Declaration on the Conduct of Parties in the South China Sea, advanced consultations on the COC.

Through the first reading, the text has been streamlined so that the framework and essential elements become clearer and the structure more reasonable, Wang said.

The reading marks new, major progress in the COC consultations and an important step toward the goal of concluding the consultations within three years' time.

Wang said that the first reading was completed early thanks to the sincerity and determination of all parties.

He said this achievement is significant and that it allows more time for future readings.