Beijing to spur development of legal service industry

Beijing has announced a set of six measures to create a favorable environment for the development of its legal service industry.

The measures, which focus on lowering the industry's institutional transaction costs and enhancing its service in the international context, make clear that the city will strives to become an international commercial arbitration hub.

"The arbitration industry can not only create value but also drive the development of such related industries as the practice of law, notarization, authentication and translation," said Xue Bing, head of the legal service division of Beijing's judicial department.

According to the measures, Beijing will encourage renowned overseas arbitration institutions and international commercial mediation organizations to set up offices in China (Beijing) Pilot Free Trade Zone, and allow them to carry out civil and commercial arbitration and mediation involving foreign parties.

Meanwhile, Beijing will establish an international dispute resolution center, and create a friendly, convenient, standard and transparent institutional environment for overseas arbitration institutions to establish branches in the city.

Beijing will also put more effort into the cultivation of foreign-related legal service talents in order to boost its legal service in an international environment.

Moreover, the city is going to slash the time needed for handling lawyer-related administrative approval matters from 30 days to no more than 15 days, and remove the restrictions on the establishment of Beijing-based branches by Beijing-based law firms.

It will also take steps to facilitate cross-border payments and implement preferential tax policies for its legal service industry.