Around 300 arbitration professionals from 36 countries and regions gathered at the International Council for Commercial Arbitration (ICCA) 2024 Hong Kong Shenzhen Side Events held in Qianhai on May 9 to share their insights on the latest developments in international arbitration within China.
Collaborative efforts between the Shenzhen Court of International Arbitration (SCIA), SCIA HK, the Department of Justice of the Government of Hong Kong Special Administrative Region (SAR), and the Hong Kong International Arbitration Center brought forth this event. It provided an opportunity for international legal professionals to delve into the innovative progress of international arbitration in China while showcasing the latest advancements in China’s market-oriented, law-based, and internationalized business environment on a global platform.
The event, themed “Latest Developments in International Arbitration in China,” featured four panel discussions that focused on distinct topics.
Liu Xiaochun, president of the SCIA, highlighted that international professionals could assume at least six significant roles in international arbitration in China: counsels, arbitrators, mediators, expert witnesses, agents, and arbitral tribunal secretaries, demonstrating China’s institutional openness to the world.
Paul Lam, secretary of the Department of Justice of the Government of Hong Kong SAR, emphasized the crucial role of arbitration in protecting investments. “International arbitration stands as the most popular and acceptable dispute resolution mechanism. Therefore, it plays a vital role for entities in the Greater Bay Area seeking to access global markets and establish global partnerships,” Lam said.
SCIA handled 12,004 cases last year, marking a 44.98% year-on-year increase. The total amount involved was more than 138 billion yuan (US$19 billion). SCIA’s arbitration services have been extended to 44 countries and regions, bringing the cumulative total to 140.
Moreover, as of March 1, SCIA boasts 1,541 registered arbitrators, with 36.92% representing 114 countries and regions. This diverse pool enables the resolution of cross-border disputes involving litigants of various nationalities.