International Commercial Court
In late June, the Supreme People’s Court of China (SPCC) officially established two international commercial courts, one in Shenzhen and the other in Xi’an, to handle cross-border commercial disputes.
Over the past five years, more than 140 countries and regions have actively responded to the Silk Road Economic Belt and the 21st-century Maritime Silk Road programs, or the Belt and Road Initiative, introduced by Chinese President Xi Jinping.
Construction of the Belt and Road Initiative involves a large number of multinational commercial activities. Consequently, it is important to create a stable and predictable business environment based on rule of law.
Recently, the SPCC and the Central Leading Group for Deepening Overall Reform jointly held a meeting to review and pass the Opinions on Establishing the Belt and Road International Commercial Dispute Settlement Mechanism and Institutions, which set basic principles, specific programs and organizational guarantees including the establishment of international commercial courts.
The SPCC will also organize an Experts Committee for International Commercial Affairs featuring experts and scholars from China and countries along the Belt and Road.
Currently, the SPCC is drafting the standards and procedures for the Experts Committee and clarifying operational mechanisms of the committee. The new mechanism does not conflict with the existing institutions, but only provides more options.