Maritime arbitration key to supporting international supply chains, officials say at dialogue in Beijing

The 2024 China High-Level Dialogue on Maritime and Commercial Arbitration began in Beijing on June 27. The event promotes the health of international supply chains while enhancing high-quality productivity, and features discussions on frontier issues in the arbitration field. It also covers arbitration innovation achievements while exploring the latest models of regional cooperation.

China's Vice Minister of Justice, Hu Weilie, said at the opening ceremony that the Ministry of Justice is pushing ahead with its revision of the Arbitration Law. He said the goal is to improve the legal system of arbitration with Chinese characteristics while aligning it with international norms and accelerating the development of a more open, scientific and comprehensive legal framework for international disputes.

By the end of 2023, Hu said China had over 270 arbitration institutions, handling a cumulative total of more than 5 million arbitration cases. Over the past decade, the number of arbitration cases in China has increased nearly fivefold, and the arbitration amount has grown eightfold. These cases involve parties from over 100 countries and regions worldwide. Beijing and Shanghai have also emerged as two of the most popular arbitration venues globally.

Ren Hongbin, chairman of the China Council for the Promotion of International Trade, said international supply chains are a hot topic in the current global community. He said arbitration has significant potential for guaranteeing the stability and smooth operation of international supply chains.

"China is accelerating the development of new quality productive forces, and promoting the synergy between international arbitration and technological innovation is a crucial task that we face," he added.

This year's dialogue involves cooperation with international organizations, such as the Arbitration Institute of the Stockholm Chamber of Commerce, the Cairo Regional Center for International Commercial Arbitration, the Vancouver Maritime Arbitrators Association, the Swiss Arbitration Center and the Japan Commercial Arbitration Association.