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China makes headway in building international commercial arbitration centers

Font size+Author:Stellar Standpoint news portalSource:travel2024-05-08 01:25:15I want to comment(0)

In 2023, eight arbitration institutions in the pilot areas for the construction of China's inter

In 2023, eight arbitration institutions in the pilot areas for the construction of China's international commercial arbitration centers handled a total of 79,000 cases with a value amount of 600 billion yuan (about 84.56 billion U.S. dollars), according to the Ministry of Justice.

A total of 2,251 foreign-related cases were handled and concluded by these institutions last year, accounting for 72 percent of foreign-related cases handled and concluded across the country, the ministry said at a press conference on Tuesday.

These numbers indicate that phased results have been achieved in the pilot areas, said the ministry.

In 2022, the Commission for Law-based Governance of the Communist Party of China Central Committee issued a document to carry out pilot projects for the construction of international commercial arbitration centers in Beijing, Shanghai, Guangdong and Hainan. 

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