Government News
Shanghai to let more foreign arbitral bodies set up office in city to become regional hub 2022-11-13
Shanghai will make it easier for overseas arbitration institutions, which are professional bodies for dispute avoidance and dispute management, to open an office in the municipality as part of the city's plans to develop into an arbitration hub of global influence in the Asia-Pacific region.
Shanghai will enhance its attractiveness to international arbitrators and dispute-solving bodies by allowing them to set up an office anywhere in the city, when before they were limited to the Lingang Special Area, facilitate the entry and exit of those employed in the industry and provide supportive fiscal, taxation and other policies, according to a document issued by the local government on Wednesday.
Shanghai will encourage foreign firms to conduct arbitration on international investment disputes and support the setting up of a mechanism for the judicial review of arbitration cases involving overseas parties, according to the document which was released at a forum held during the fifth China International Import Expo.
Shanghai was the first city on the mainland to open up its arbitration market to foreign firms in May 2020, by allowing them to situate themselves in Lingang Special Area, part of the city's free trade zone. Since then, the city has become the eighth most popular place in the world for arbitration, according to a research report from London's Queen Mary University, published in April 2021. It is the first time for a Chinese city to place among the top 10.
There are 3,726 registered arbitrators in Shanghai, nearly a quarter of whom are from other countries, it said. Last year, the city's arbitrators handled 7,840 cases involving CNY76 billion (USD10.5 billion). This amount could top CNY100 billion (USD13.8 billion) this year.
Source: Yicai
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