Int'l arbitration center set up in Shanghai's Pudong

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Last updated at: (Beijing Time) Saturday, February 07, 2004

Int'l arbitration center set up in Shanghai's Pudong

The Shanghai Arbitration Commission has set up an international arbitration center in the booming Pudong New District to provide legal services to Chinese and overseas invested companies there.

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The Shanghai Arbitration Commission has set up an international arbitration center in the booming Pudong New District to provide legal services to Chinese and overseas invested companies there.

As a branch of the commission, the center will handle disputes related to international trade, finance and engineering as well as internal economic disputes of Chinese and foreign firms in line with internationally accepted practice, said Qiao Xianzhi, director of the Shanghai Arbitration Commission.

The center, which opened Friday, has a team of 430 well-grounded arbitrators, including professors of law, attorneys, economists, senior management professionals and veteran judges, according to Qiao.

Establishment of the arbitration center would help improve the investment environment of the Pudong New District, said Jiang Sixian, vice mayor of Shanghai and head of the district.

Pudong New District is home to over 10,000 overseas-invested enterprises that have brought more than 22 billion US dollars of contractual investment. Twenty-six multinational companies have set up regional headquarters in the district.

In 2003, Pudong's foreign trade reached 58.1 billion US dollars, over a half of Shanghai's total.

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