After China's entry into the World Trade Organization (WTO), foreign arbitration bodies will be able to carry out business in China and domestic ones will be encouraged to operate in other countries.
Qiao Xiaoyang, vice-director of the National People's Congress' Legal Affairs Committee announced the move at a seminar on Wednesday in Beijing.
The event was held to mark the fifth anniversary of the setting up of the Arbitration Law.
"As China integrates itself into the international economy, further stimulating trade, business disputes are bound to increase," Qiao said.
Moreover, China's WTO membership requires it to fully open up to the world, which will also create business opportunities for the arbitration industry at home and abroad.
Qiao urged domestic arbitration bodies to improve as quickly as possible.
"We will introduce more professional people into the arbitration field," Qiao added.
Song Dahan, deputy director of the State Council's Legislative Affairs Office, said China was expected to revise some clauses of its Arbitration Law.
Clauses to be revised include those which do not fit in with international practices and those which will help sharpen the competitive edge of the Chinese arbitration sector.
At present, the China International Economic and Trade Arbitration Commission and the China Marine Affairs Arbitration Commission, the two top arbitration bodies in the country, are revising their practices.
They want to set up a series of fair, efficient, convenient and unified arbitration principles to attract more Chinese and foreign bodies to solve disputes in China.
According to official statistics, since the Arbitration Law came into effect on September 1, 1995, 154 arbitration institutions across China have dealt with more than 22,000 cases involving 42 billion yuan (US$5.06 billion).
(China Daily September 1, 2000)
