Since the pilot program for establishing international commercial arbitration centers was launched across China in 2022, Beijing has capitalized on its wealth of legal and academic resources and leading arbitration institutions to actively collaborate with its international counterparts. Guided by the goal of building a conducive arbitration ecosystem and world-class arbitration institutions, the city has been deepening its institutional and mechanism reforms, and adopting internationally recognized best practices and concepts. A total of 57 reform tasks across 22 categories have been completed, among others, pioneering dispute resolution systems that are aligned with global standards and planning the creation of high-level foreign-related think tanks. The city has also been expediting the development of an international commercial arbitration center in all aspects through the collaborative efforts of the legislative, judicial, arbitration, and mediation authorities.

Thanks to reform efforts, Beijing has made significant strides in the development of its international commercial arbitration center. Last year, three arbitration institutions in Beijing handled 978 foreign-related arbitration cases, with the value involved reaching CNY 59.291 billion, accounting for 31.28 percent and 30.36 percent of the national totals, respectively. According to the latest International Arbitration Survey, Beijing and New York tied for the sixth place globally as one of the most preferred seats for arbitration.

(Source: Legal Daily)