China Tuesday demanded that South Korea pay compensation for the sinking of a Chinese fishing boat, in which one man was killed, and that those on the coast guard ship involved in the incident be punished.

"We express great concern over the incident and have made solemn representations to the South Korean side, requiring it to make all-out efforts to search for the missing crewmember," Chinese Ministery of Foreign Affairs spokeswoman Jiang Yu said at a regular press conference Tuesday.

South Korea must "bring the perpetrators to justice, make compensation for the loss of our property and take concrete efforts to prevent such instances from reoccurring," Jiang said.

A 63-ton Chinese fishing boat, the Liaoyingyu 35403, with 10 fishermen onboard, capsized after a collision with a 3,000-ton South Korean coast guard ship Saturday afternoon, leaving one Chinese crewmember dead and another missing.

Eight Chinese fishermen were rescued. Five of them were picked up by nearby Chinese boats, and three were detained by South Korean authorities.

Jiang also said the incident "has no direct relation to the current situation on the peninsula."

"According to our knowledge, the incident occurred in the waters that fall into the fisheries agreement between China and the Republic of Korea," Jiang said. "Under the agreement, both countries' fishing boats are allowed to work in this water. One country's authority has the right to report illegal fishing to another but is not allowed to impede the other country's fishing boats."

South Korea accused the Chinese vessel of engaging in "illegal fishery" when the collision occurred.