China claims Asia

The Chinese Communist Party’s People’s Daily has warned its Asian neighbors to be on guard against the “danger” of feeling they can “do whatever they want” in the region because of the financial support and physical presence of Uncle Sam.

The U.S. set off China’s ire in 2010 when Secretary of State Hillary Clinton, speaking at a regional summit in Hanoi, called resolving the competing claims to the sea “a leading diplomatic priority.” That drew a rebuke from Chinese Foreign Minister Yang Jiechi, who said internationalizing the incident with U.S. involvement “can only make matters worse and more difficult to solve.”
-Bloomberg

Basically, in response to a US military spending spree in region, the China has claimed Southeast Asia as its bitches.

Asia settles South China Sea tension

With Hillary Clinton coming to town, ASEAN nations were able to get China to agree to a draft of a "South China Sea" dispute agreement that focuses on bi-lateral dispute resolution.

China's acquiescence to the draft agreement – which ends more than a decade of deadlock and brings the countries closer to a final, legally binding code of conduct – was likely spurred by a desire to get the issue off the table before Clinton's arrival Thursday night at the ASEAN summit in Bali, Reuters reports.
-Christian Science Monitor

Parts of the disputed territory, which sees 1/3 of all global shipping pass through it, are claimed by China, the Philippines, Vietnam, Taiwan, Brunei, and Malaysia. The area is also rich in oil and natural gas.

China is open to an agreement that excludes US meddling, but still refuses to acknowledge other countries' territorial claims. The Philippines is hesitant to square off against China in a bilateral disagreement without their big brother/bully from across the Pacific.
In essence, nothing has happened other than a promise amongst ASEAN nations to handle things in house, without Hillary being invited into the dialogue.