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.