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China Arbitration Summit focuses on 'Belt and Road' initiative

Reporter: Han Peng 丨 CCTV.com

09-29-2016 06:11 BJT

China is holding its second annual Trade Arbitration Summit in Beijing. The number of international trade disputes is on the rise and Chinese trade arbitrators have called on domestic enterprises to make better use of the arbitration mechanism when faced with trade frictions.
 
China's second Arbitration Summit gathers trade officials, business leaders and think tank representatives from key countries along the Belt and Road route, an initiative China proposed in 2013 to revive the ancient Silk Road.

They are seeking to build a stronger legal foundation, as more and more construction projects unfold along the way.

"The Supreme People's Court will continue to provide judicial support for the country's Arbitration Commission," said Zhou Qiang, Chief Justice, Supreme People's Court.

"We are formulating new judicial interpretations for the trade arbitration law, in the hope of further clarifying the standards for judicial review on arbitration cases."

China now accepts more arbitration cases than any other country in the world.

Last year, the country's Arbitration Commission accepted nearly 2-thousand cases, worth around 7 billion US dollars. Those figures are up 22 percent and 12 percent respectively.

Around one fourth of cases involves international businesses.

"As global economic slowdown continues, the number of trade frictions are on the rise. Many enterprises choose to settle disputes through arbitration, instead of filing lawsuits, because of its unique advantages," said Wang Chengjie, Secretary General, China International Trade Arbitration Commission.

Wang says arbitration is more flexible and efficient for conflicting parties, particularly for those from different legal backgrounds.

The results mean that China's arbitrators are recognized by courts in over 150 countries. So far, only one out of every thousand arbitration results by China has been rejected by the court.

"Over the past few years, we have seen an increase in the intensity and quality of the participation of China in the inter-governmental process. So if you participate more, you'll be better heard. And that's why China is being better understood," said Renaud Sorieul, Secretary General, UN Commission on International Trade Law.

The China Arbitration Summit in Beijing gathers over 600 participants, most of whom are senior managers and legal supervisors of Chinese and foreign firms.

The Head of China's arbitration commission says that this summit is also an important opportunity for Chinese enterprises to learn about how to make use of the arbitration mechanisms to deal with trade frictions, as more and more Chinese companies are going global.