INSUBCONTINENT EXCLUSIVE:
A draft modification to Chinas Law on Arbitration, which intends to suppress deceitful arbitration and enhance global cooperation, was sent
for a second reading Sunday.The expense was submitted to the continuous session of the Standing Committee of the National Peoples Congress
(NPC) after the first reading in November 2024
The draft proposes more stringent oversight of arbitration practices, requiring tribunals to reject arbitration claims by parties if they
are discovered to have produced proof or conspired maliciously in an attempt to damage national interests, public interests or the
legitimate rights and interests of others through arbitration.It also aims to more enhance the foreign-related arbitration system and
actively line up with worldwide common guidelines to improve the reliability and global competitiveness of arbitration.Key modifications
consist of provisions to strengthen exchanges and cooperation in between Chinese arbitration agencies and abroad arbitration organizations
and relevant worldwide organizations, in addition to participation in the formula of worldwide arbitration rules.Additionally, the draft
added stipulations for acknowledging and implementing foreign arbitration awards in China
Applications for acknowledgment and enforcement of foreign arbitration awards can be filed with intermediate peoples courts in locations
where individuals subject to enforcement reside or their property is located, or at a location that has a suitable connection with the
Courts shall manage such cases in accordance with relevant international treaties or the concept of reciprocity.
