China says representatives of Libya's provisional government have promised to honor all existing agreements and treaties with China after Beijing formally recognized Libya's National Transitional Council.

The Chinese foreign ministry said the NTC has also encouraged China to participate in the reconstruction of Libya and promised to “push forward” the development of bilateral ties.

China on Monday became the last of the five permanent U.N. Security Council members to formally recognize the NTC as Libya's legitimate government. Members of the NTC warned previously that China's huge investments in Libya could suffer because of its slowness to support the revolt against former leader Moammar Gadhafi.

Beijing's standing with Libya's new leaders was further jeopardized last week when it was revealed that envoys from Mr. Gadhafi visited Beijing in July seeking to buy weapons for use against the advancing rebel forces.

China had investments in Gadhafi-ruled Libya estimated at $18 billion and evacuated more than 30,000 nationals — many involved in oil projects — at the beginning of the uprising.