Vice-minister of justice addresses 2nd Shanghai International Arbitration Forum

Vice-Minister of Justice Xiong Xuanguo delivered a speech at the opening ceremony of the second Shanghai International Arbitration Forum that was held on Nov 6.

The forum's opening also marked the launch of the city's arbitration week.

The second Shanghai International Arbitration Forum opens on Nov 6 in Shanghai. [Photo/moj.gov.cn]

Xiong pointed out that the recently-closed Fifth Plenary Session of the 19th CPC Central Committee laid out the major objectives of China's 14th Five-Year Plan (2021-25) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

Xiong Xuanguo, vice-minister of justice, addresses the forum. [Photo/moj.gov.cn]

He reiterated China's commitment to a more open and transparent foreign-related legal framework, stronger intellectual property protection, better protection for the lawful rights and interests of foreign investors, and improvement of the business environment through more high-quality services.

By focusing on the profound changes in the global economic situation caused by the COVID-19 pandemic, the conference will not only help the international arbitration community take on challenges and cultivate new growth opportunities but also propel the formation of an open world economy, said Xiong.

He stressed that the ministry will perform its duties and functions in all aspects, advance overall law-based governance, and enhance the important role of arbitration in serving high-level opening-up and advancing global economic governance.

The ministry will also vigorously support and cultivate international arbitration hubs and strive to build popular seats of arbitration and new destinations for international arbitration, adhere to the principle of openness and win-win cooperation and create new platforms for international exchanges and cooperation on arbitration, improve overall resource allocation and construct a legal service system that can facilitate the development of the arbitration industry, said Xiong.

The ceremony was attended by nearly 300 participants including the representatives of arbitration organizations and institutions based in more than 10 countries and regions as well as arbitration experts and scholars.