It's the largest naturally occuring island of the spratly island chain. Claiming it would allow all these countries many more KM of exclusive economic zones.
Basically it's more about the right to own and use the water around the islands, than the islands themselves.
Whats interesting is this island is legally considered a rock by international law, so doesn't have the same economic zone rights as an island, but countries still want to control it and change this ruling as it clearly is an island.
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