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Arbitration, Chinese Businesses’ Choice for Dispute Resolution

2019-9-16 14:03:41

According to the China Academy of Arbitration Law 2019 Annual Conference & the 12th China Arbitration and Justice Forum on 7 September, by the end of 2018, there were over 250 arbitral institutions in mainland China, which handle over 500,000 cases worth over ¥600 billion every year. Today, arbitration has become one of Chinese companies’ top choices for resolving trade disputes.

Statistics of the Belt and Road (B&R) Portal show that by the end of 2019, China has signed 195 B&R cooperation agreements with 136 countries and 30 international organizations. Experts at the event commented that with increasing B&R countries and regions, came rising foreign trade and trade disputes. B&R countries’ political and legal differences make disputes inevitable in infrastructure, energy, and IT projects, exactly where international trade arbitration comes into play. Compared with traditional court proceedings, arbitration saves time and cost and offers much more flexibility.

Due to the above advantages, more and more companies are resorting to arbitration to put an end to their disputes amidst globalization. Since 2018, the Academy has been exploring ways to increase the influence and visibility of China’s arbitration. Last year, the Academy cohosted the Conference on Chinese Arbitration Going International with the Shanghai University of Political Science and Law and the Arbitration Institute of the Stockholm Chamber of Commerce (SCC AT). In the same year, the Academy also co-organized the International Conference on the 60th Anniversary of the New York Convention and the UN Convention on International Settlement Agreements Resulting from Mediation with the Legal Affairs Department of the China Council for the Promotion of International Trade and the University of International Business and Economies.

In addition, The Academy participated in the “Import Promotion and Legal Cooperation” Forum of the First China International Import Expo. It also cohosted the International Arbitration High-End Forum with SCC AT, the International Court of Arbitration and Shanghai University of Political Science and Law.

The China Academy of Arbitration Law is the only national academic group on arbitration registered at the Ministry of Civil Affairs. Under the auspices of the former State Council Legislative Affairs Office, the Ministry of Justice, and the Supreme People’s Court, the Academy was founded in 2004 at the initiative of the China International Economic and Trade Arbitration Commission, the China Maritime Arbitration Commission, and 30 other arbitration commissions in major cities across China.

In recent years, the Academy has been committed to uniting different communities in arbitration, such as national arbitral institutions, universities, arbitrators, supporting staff, in-house lawyers, and arbitration attorneys, to explore China’s own arbitration philosophies. Through its seminars and exchange events, the Academy has produced great research findings and cultivated professionals proficient at both theory and practice—a major contribution to arbitration studies, China’s arbitration systems, and arbitration as a legal practice. Increasingly versatile and influential, the Academy is now a network of choice for arbitrators and researchers alike.

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