On the morning of November 28, the 13th Session of the Standing Committee of the 16th Beijing Municipal People's Congress deliberated for the first review of the Regulations on the Construction of the Beijing International Commercial Arbitration Center (Draft), boosting to build a preferred seat for international commercial dispute resolution with the rule of law in Beijing.

With its concentrated resources and active international exchanges and cooperation, Beijing is an important window for international arbitration to be brought into China and for Chinese arbitration to go global. The Draft summarized and solidified the achievements of the reform of arbitration institutions in Beijing in recent years, supported arbitration institutions to establish and improve the corporate governance structure, enjoyed decision-making and management autonomy in finance, personnel, remuneration and other aspects, supported the cultivation and expansion of Beijing arbitration institutions, and worked together to create Beijing's arbitration brand. The Draft also encouraged arbitration institutions situated in Beijing to boldly "go global" to enhance the international influence of Beijing's arbitration, and at the same time to upgrade the internationalization of Beijing's arbitration with high-quality "bring in".

An open, inclusive, convenient and efficient path to internationalization is one of the keys to attracting domestic and foreign parties and arbitration practitioners to choose Beijing as the preferred place for dispute resolution. To this regard, the Draft solidified facilitation measures, for example, enter and exit, work and residence of foreign personnel, in the form of legislation, so as to provide more convenient services for arbitration talents.

In order to further integrate the concept of international arbitration, the subject legislation made corresponding explorations on the innovation of arbitration mechanisms. The Draft clarified the concept of "seat of arbitration", explored the "ad hoc arbitration" system, and benchmarked the relevant indicators of arbitration in the World Bank's business environment maturity assessment system to enhance the international competitiveness of arbitration in Beijing.

(Source: Beijing Daily)