The compensation fund to address damages caused by recent oil should be set up as soon as possible, Wang Hong, deputy director of China's State Oceanic Administration, said at the 2011 Qingdao International Blue Economy Summit Forum on Oct. 28 in Qingdao, Shandong Province.

Wang also called for the establishment of a fund to reinvigorate marine life and economy for future incidents.

With reform and opening-up over past three decades in China, an economy that highly depended on the oceans has taken shape, he said.

Wang told the forum his suggestions to reform policies regarding the uses and rights of maritime resources.