City pursues arbitration ambitions
Overseas arbitration institutions apply to set up offices in Lingang Special Area in the China (Shanghai) Pilot Free Trade Zone next year, a local judicial bureau announced at the China International Import Expo this weekend.
According to the Shanghai Judicial Bureau, it has issued regulations on overseas arbitration institutions, specifying conditions, registration procedures, business scope, management measures and legal liability.
These regulations will take effect on January 1 next year with non-profit arbitration institutions from overseas able to apply.
They can advise on international commercial disputes, or civil and commercial disputes on fields like maritime affairs and investment. Services they may offer include counseling, guidance and training.
Lu Weidong, director of the bureau, said overseas institutions would be encouraged to cooperate with local ones.
Meanwhile, the Shanghai Arbitration Association and the Shanghai International Dispute Resolution Center were established at the summit.
The association consists of institutions, arbitrators, mediators and some other organizations and individuals working in the field.
Yin Hong, deputy secretary of the CPC Shanghai Committee, said Shanghai would focus on becoming a global Asian-Pacific arbitration center.
Nearly 500 representatives from arbitration organizations attended the summit.