South China's Hainan Province established the Hainan International Arbitration Court on Sunday to match the development needs of its pilot free trade zone. The court can also rule on issues related to the construction on islands in the South China Sea.
The arbitration court can provide services including preventing business disputes, mediation before arbitration and drafting arbitration agreements that have the valid force of law, according to information released on the website of the court.
In addition to its standard departments, the arbitration court also has two separate branches that mainly arbitrate maritime disputes and financial disputes, news website chinanews.com quoted Shi Wen, director of the Hainan Arbitration Commission, as saying.
It will accept arbitration requests from domestic and international clients, the website reported on Sunday.
The court is the second in China, following the establishment of the Shenzhen Court of International Arbitration at the beginning of the year. It has the aim of matching the development needs of the Hainan's reform and opening-up and its Pilot Free Trade Zone, according to the report.
The goal of the court is to boost Hainan's maritime trade, shipping business, exploration of ocean resources, and construction on islands and reefs in the South China Sea by providing strong legal support. At the same time, it will also provide professional and easy-to-use legal services to international investors, according to Shi.
The court commission consists of experts from relevant fields, such as law and business.?
More than one third of the council members come from overseas, said the website.
Shi said that the commission will make its best effort to build a neutral and fair arbitration court in which domestic and international clients have faith, so that they would choose Hainan as an "optimal choice" to solve their disputes.
