China makes headway in building international commercial arbitration centers

Release time：2024-05-09 00:14:36 Source：Global Gestures news portal

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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