China has become one of the countries with the largest number of civil and commercial disputes resolved by arbitration
2021-09-15: [Original Article Link].
He said at the 2021 China Arbitration Summit Forum and the second "Belt and Road" arbitration institutions high-end forum that since the implementation of the Arbitration Law in 1995, China has set up more than 270 arbitration institutions, the cumulative handling arbitration cases of more than 400 million, involved in the amount of money at 50,000 billion yuan, the parties to the case involving more than 100 countries and regions and resolving any disputes which covered by the economic and social development in many fields.
As an internationally accepted method of dispute resolution, arbitration is an important means for countries to optimize the business environment and enhance the soft power of the rule of law, become more and more important.
Gao Yan, President of the China Council for the Promotion of International Trade, said that the China International Economic and Trade Arbitration Commission, the CIETAC, is the earliest and most representative permanent arbitration institution in China. For a long time, it has carried out extensive international arbitration exchanges and cooperation, continue to promote the application of relevant international treaties in the field of arbitration, actively explore best arbitration practices, and continue to contribute to the construction of an international arbitration governance system.
The judicial review system of arbitration is a solid foundation for upholding the fairness of arbitration. Since 2015, the Supreme People's Court of China has successively issued judicial documents such as service guarantee for the construction of the "Belt and Road", and proposed to support the establishment of a joint arbitration mechanism between domestic arbitration institutions and overseas arbitration institutions, we will support the exploration of "three specific" temporary arbitration systems in the pilot free trade zone and Hainan free trade port, and support innovative measures such as the establishment of branches of overseas arbitration institutions to carry out arbitration business.
At present, the global pandemic of the new coronary pneumonia epidemic and the world's unprecedented changes in a century affect each other, economic globalization is facing a countercurrent, involving shipping, trade, investment, services and other fields of commercial disputes are increasing. At the same time, the development of arbitration informatization, digitization and facilitation has accelerated.
"The complexity of arbitration procedures, the reduction of arbitration efficiency, and the conflict of interest of arbitrators are still the shortcomings that restrict the development of arbitration." Gao Yan pointed out that it is necessary to actively adopt new models, new methods and methods that can improve the quality and efficiency of arbitration, and use scientific and technological innovation and digital changes to give birth to new momentum for the development of international arbitration.
Note: This is auto-translated version of an article meant for Chinese audience. A mature and nuanced reading is suggested.