Manila, March 26 -- China has conveyed its openness to restart talks on a possible joint oil exploration with the Philippines in the South China Sea, describing it as the "right path" to upholding stability in the contested waterway.

"Setting aside differences and pursuing joint development is the right path to uphold peace and stability in the South China Sea and deliver benefits to countries in the region and their peoples," said the Chinese Embassy in Manila in a statement late Wednesday night.

It noted that China and the Philippines in the past have conducted "in-depth discussions on joint oil and gas development" in disputed waters in the South China Sea and "have made positive progress."

"As long as the Philippine side demonstrat...