A draft revision to China’s Law on Arbitration is making waves as it moves to its second reading in the ongoing session of the Standing Committee of the National People’s Congress. This step, following its first reading in November 2024, aims to curb fraudulent arbitration practices by ensuring any claims based on fabricated evidence or collusion are swiftly rejected. ⚖️
The proposed changes are designed to boost the credibility of arbitration by aligning practices with international standards and strengthening cooperation between arbitration institutions on the Chinese mainland and their overseas counterparts.
Notably, the draft outlines new procedures for recognizing and enforcing foreign arbitration awards in the Chinese mainland. Parties can file applications with intermediate people’s courts located where the affected individuals or assets reside, with cases handled in line with international treaties or the principle of reciprocity.
This initiative marks a significant move toward reinforcing fair dispute resolution practices in an increasingly interconnected world. Stay tuned for more updates as this draft evolves! 🚀
Reference(s):
China's draft law revision reviewed to boost oversight in arbitration
cgtn.com
