China is planning to establish a brand new dispute settlement mechanism, so as to provide legal protections including litigation, mediation and arbitration solutions for business along the Belt and Road Initiative, Yicai.com reported.
According to the design plan, the Supreme People’s Court will set up an international commercial court in Beijing, Xi’an and Shenzhen.
The one in Xi’an aims to cover commercial disputes along the land-based Silk Road Economic Belt. While the one in Shenzhen will mainly deal with litigations from the oceangoing Maritime Silk Road. The headquarters will be set up in Beijing.
Besides, the China Council for the Promotion of International Trade (CCPIT) is also planning to launch a new organization to prevent and resolve international disputes in accordance with the principle of “cooperating and sharing.”
An insider at the CCPIT thinks a lot of business entities in countries along the Belt and Road Initiative like China do not adapt well to the current way of dispute resolution, which uses the common law of the United States and European countries.
“It will be a non-governmental international organization,” the source added.
If not common laws in UK….what laws are we looking at? Afterall USA and most of Europe don’t use common laws!!
Would Asia Times clarify?
Obor is too big a dream, even bigger than US Marshall Plan and UK colonialism. Not only the traditional silk road areas, the Chinese promoters are talking OBOR everywhere they go,including the expansive Russia and east Europe , Australia, and America North and South. It reaches the scale of Globalisation of Chinese version, so OBOR not only alarms the globe, but is backlashing to China itself. It has been looked a logic move to start the OBOR at Sino-Pakistan border area, owing to the long time tested cooperational relation between the two countries. But the backlashes started in the very relation. A reservoirs plan is told to be depleted, and the already on going harbour project in the Indian sea side is showing tensions and even disputes between the two longtime friends. And almost everywhere the OBOR is going, the news of disputes is spreading, from Burma , Bangladesh, to Thailand and Indonesia. And these places have been looked logic too at the beginning, for they are close to China and have history of trading for decades. China seems to have passed the point to no return, they not only try to coax unfriendly Australia and New Zealand to OBOR network, they cannot wait to see USA and Japan to join the initiatives, the two countries would be expected to bring confrontations into the OBOR. The recent move of establishing special courts in China’s major cities shows Chinese themselves feel uneasy to manage the globally plan. They have to study the cons and dons thoroughly the globalisation history which witnessed the two world wars first, before they could continue the unprecedented world conquering plan.
49 of the 50 US states are common law
Very interesting, I have been wondering when an OBOR debt arbitration mechanism would emerge. However, how can you trust a court in a country with a power system that will always trump the rule of law (see Hong Kong today).
It is becoming clear that a significant portion of OBOR debt could become odious, with a recent allegation that Rajapaska and his cronies may have stolen as much as 18US$ billion including from OBOR sources (http://www.economynext.com/Sri_Lanka_secures_foreign_help_to_recover_Rajapaksa_loot-3-1756.html).
This still looks like a deeply sinister way to empoverish and enslave future generations through debt, while enriching small elites that will, persumably, always be vassals for their external state sponsors.
It is hard not to see OBOR as a new form of carefully crafted imperialism.
If the West can get its act together the answer lies in a formalised resolution model for forgiveness of poorly lent debt. https://www.project-syndicate.org/commentary/odiousness-ratings-public-debt-by-ricardo-hausmann-and-ugo-panizza-2017-08
This way OBOR sources can at least be played off against international debt markets.
It is BRI not OBOR. Update yourself to make substantial comment not again old world political prejudice.
There are enough online sources which clearly explain how the BRI is nothing like the Marshall Plan so I won’t bother dealing with that nonsense. As to the BRI being the equivalent of "UK colonialism", there is simply no evidence of this other than a rhetorical claim that there is. China is engaging in mutually beneficial trade and infrastructure projects with these countries. If only UK colonialism represented a history like that. As to the dispute mechanism, it has nothing to do with China feeling uneasy of managing their plan. They are creating an easily identifiable, accountable, and transparent mechanism for handling disputes. If anything this represents the opposite of your claim, they are managing their plan well. Over 60 countries have joined the BRI and trade among BRI countries has been increasing between 10-20% every year. If present trends continue, the BRI will be the world’s biggest driver of economic growth.
Jason Jean Accountable and transparent might be a leap.
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