As China’s government and arbitral institutions make intensive efforts to internationalize domestic practices, the question now is how this process should be defined. Luo Weiteng reports
As a method for resolving disputes between parties quickly and in private, arbitration has been widely adopted across multiple areas in the international arena. It is highly regarded for its efficient and confidential nature, as well as the fact that the decision of the arbitral tribunal is final.
With China’s re-emergence as a major global economic power, many ambitious domestic arbitration bodies are racing to spearhead the international development track of Chinese arbitration. This has ignited an industry-wide discussion in the “going global” journey of Chinese arbitration.
On 5 July 2019, the Seventh Session of the Beijing Arbitration Commission (BAC), also known as Beijing International Arbitration Centre, deliberated and adopted the revised Beijing Arbitration Commission Arbitration Rules and its annexes concerning fee schedules, effective from 1 September 2019.
Dong Chungang, a Beijing-based partner at Jingtian & Gongcheng, says BAC’s new arbitration rules make pioneering amendments including the amount in dispute applicable under ordinary procedures, single arbitration under multiple contracts, the emergency arbitrator procedure, procedural management of arbitration cases, and a new fee schedule. Among them, the biggest bright spot is the groundbreaking reform on the existing fee schedule to bring it in line with international standards.