The Supreme People's Court (SPC) has released its Annual Report on Judicial Review of Commercial Arbitration (2023), detailing the advances in China's arbitration landscape throughout the year.

In 2023, Chinese courts concluded over 16,000 arbitration-related cases. Notably, the annulment rate stood at a low of 5.11 percent, reflecting the courts' strong backing for arbitration. Additionally, over 5,100 arbitration-related preservation cases were handled, with a success rate of 95.73 percent.

Wang Shumei, a senior member of the SPC's judicial committee, stressed the importance of judicial support and oversight in arbitration. "It effectively promotes the continuous improvement of the credibility and international competitiveness of arbitration in China," she noted.

The report highlights China's growing role in international arbitration. In 2023, Chinese courts received 75 cases requesting the recognition and enforcement of foreign arbitral awards, with courts ruling to recognize and enforce 69 of those cases. They also recognized 32 arbitration cases from the Hong Kong Special Administrative Region.

"The judiciary's role in supporting Hong Kong arbitration and promoting the high-quality development of international arbitration has become increasingly prominent," said Wang.

Wang highlighted Chinese courts' principle of cautious interpretation and approaches, ensuring the accurate application of foreign laws and the New York Convention. "It demonstrates China's responsibility as a major player in international arbitration," she added.

The report also suggests Chinese judicial bodies have played a key role in revising the Arbitration Law and launched initiatives to improve the efficiency of arbitration procedures, such as upgrading the "One-Stop" International Commercial Dispute Resolution Platform and strengthening international cooperation by engaging in dialog with foreign judicial and arbitration institutions.