Hey everyone, big news alert! The Chinese draft revision to its Law on Arbitration is stepping up its game with fresh measures to curb fraudulent practices and boost international cooperation. ⚖️
This revamp, now in its second reading session after an initial review in November 2024 by the Standing Committee of the National People’s Congress, introduces strict oversight. Under the new rules, arbitration claims based on fabricated evidence or colluded actions to harm national and public interests will simply be rejected.
What's more, the draft aims to enhance the credibility of arbitration in the Chinese mainland by promoting closer exchanges with overseas arbitration bodies and aligning with international standards. It also outlines clear procedures for recognizing and enforcing foreign arbitration awards through local intermediate people's courts. 🌐
This legal power-up is set to ensure fairness and transparency, making arbitration more competitive on the global stage. Stay tuned for more updates as this innovative law moves forward!
Reference(s):
China's draft law revision reviewed to boost oversight in arbitration
cgtn.com
