China's arbitrations on trade disputes accredited
(Xinhua)
Updated: 2006-10-19 09:53
Arbitrations made by China on international trade disputes are accepted and
enforced in more than 20 countries and regions including the United States and
Japan, China's key trade partners, chief of the country's trade promotion
council said Wednesday.
"China's arbitration results have gained high
credit globally," the China Council for the Promotion of International Trade
(CCPIT) chairman Wan Jifei said to Xinhua, pointing to more than 10,000 cases
submitted to arbitration by China over the past five decades.
China set up a
foreign trade arbitration committee as early as 1956.
According to Wan,
nearly all -- more than 99 percent -- of the arbitrations made by the Chinese
mainland are enforced in Hong Kong.
China requires its trade
arbitrations be "independent" -- without government intervention. "Justness lays
the basis for arbitration, while high efficiency is another must," said an
expert with the nation's international trade arbitration
committee. (For more biz stories, please visit Industry Updates)
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