Vice-Minister of Justice Xiong Xuanguo stressed the need to coordinate and promote the pilot work of international commercial arbitration center construction so as to build China into a new destination for international arbitration.
Xiong made the remarks as he attended and delivered a speech at the China Arbitration Summit and the Second CIETAC Global Arbitrators Forum on Sept 6, which was jointly hosted by the China International Economic and Trade Arbitration Commission (CIETAC), the All China Lawyers Association (ACLA), and the United Nations Commission on International Trade Law (UNCITRAL).
Xiong Xuanguo, vice-minister of justice, delivers a speech at the China Arbitration Summit and the Second CIETAC Global Arbitrators Forum on Sept 6. [Photo/moj.gov.cn]
Xiong underlined the need to earnestly implement the spirit of President Xi Jinping's important instructions on arbitration work, and to foster a group of international first-class arbitration institutions, so as to achieve more results in foreign-related legal guarantees and services.
By the end of 2021, China had established 274 arbitration institutions which had handled over 4 million cases, involving 5.8 trillion yuan in terms of the amount of the subject matter and parties from over 100 countries and regions.
He stressed the strategic role of promoting the coordinated development of international commercial arbitration center pilot work for China in further enhancing its foreign-related services in the new era.
To this end, Xiong called for more measures to build China into a new destination for international arbitration, including turning Beijing into an international commercial arbitration center to facilitate the capital's construction of an international center of scientific and technological innovation as well as an international communication center, Shanghai into an Asia-Pacific arbitration center for the globe, Guangzhou and Shenzhen of Guangdong province into legal and dispute resolution service centers on international commercial affairs that will coordinate Hong Kong and Macao in boosting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and Hainan into a Pacific and Indian Ocean-oriented international commercial arbitration center that serves the Hainan free trade port.