China today said it is ready to work with Southeast Asian nations on a code of conduct for South China Sea region, where it is accused of building up military installations and bullying fellow claimants.<br />''<br />''For years, the 10-member Association of Southeast Asian Nations, ASEAN, has been locked in talks for a code of conduct for the sea. The agreement, set to be finished in 2021, will lay out conduct guidelines for the sea along with conflict resolution parameters.<br />''<br />''China's premier Li Keqiang on Sunday said the first reading of the draft terms was a very important landmark.<br />''<br />''South China Sea has long been a flashpoint in the region.<br />''China claims most of the resource-rich waterway which is a major global shipping route.<br />''<br />''Tensions in the waterway have flared in recent weeks between China and Vietnam, one of Beijing's most vocal critics on the issue.<br />''<br />''Taiwan, Malaysia and Brunei also have overlapping claims with China in the sea. <br />''<br />''<br />