China's arbitrations on trade disputes widely accredited

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.

Source: Xinhua