Initiative settlement boosted

China will work to better settle international business disputes in Belt and Road cooperation and offer equal protection to the legitimate interests of domestic and foreign parties involved, according to a guideline published on June 27.

The guideline, jointly issued by general offices of the Communist Party of China Central Committee and the State Council, China’s Cabinet, called for actively promoting international cooperation within the Belt and Road Initiative, settle business disputes in accordance with the law, and protection of legal rights and interests of concerned participants, so as to create an equal and fair environment for doing business.

The Supreme People’s Court will set up an international business court, and lead the establishment of an expert panel on international business affairs as part of efforts to support the settlements of international business disputes through mediation and arbitration, the guideline said.

The top court will also push forward the establishment of a diversified dispute settlement mechanism and enable the formation of a convenient and low-cost one-stop dispute settlement center.

It will also set up the first international business court in Shenzhen, Guangdong province, and the second international business court in Xi’an, Shaanxi province, the guideline said.

The principle of achieving shared growth through discussion and collaboration should be observed when settling related disputes, it said.