Vice-minister of justice outlines an Asia-Pacific arbitration center with global vision in Shanghai

The Shanghai International Arbitration Summit opened on Nov 8, with Liu Zhenyu, vice-minister of justice, addressing the summit's opening ceremony.

Liu Zhenyu, vice-minister of justice, addresses the Shanghai International Arbitration Summit on Nov 8. [Photo/moj.gov.cn]

Liu called on Shanghai to build an Asia-Pacific arbitration center with global vision that better serves China's comprehensive opening-up policy, meets the strictest international standards, and generates a set of replicable practices to guide industrial development.

He also expected Shanghai to draw on its unique advantages to turn itself into a crucial hub for international communication on arbitration.

With "openness, cooperation, shared benefits" as its theme, the summit attracted nearly 500 experts and professionals from more than 20 countries and regions.

Nearly 500 experts and professionals from more than 20 countries and regions attend the summit. [Photo/moj.gov.cn]

Also at the summit, the Shanghai Bureau of Justice released the rules for overseas arbitration institutions setting up branch offices in the Lin-gang Special Area, a newly-added part of the China (Shanghai) Pilot Free Trade Zone.

Under the rules, overseas arbitration institutions can apply to establish branch offices in the Lin-gang Special Area from Jan 1, 2020.