China's international commercial arbitration institutions enjoy greater influence
Source: Xinhua | 2021-09-14
China's institutions for international commercial arbitration enjoyed growing influence worldwide in 2020, a recent report showed.
The China International Economic and Trade Arbitration Commission (CIETAC), which released the annual report, handled 3,615 arbitration cases last year, up 8.5 percent from a year earlier, said the report.
The amount of money involved in these cases reached 122.13 billion yuan (about 18.94 billion U.S. dollars), according to the report.
Of the total, 739 cases involved foreign countries, or China's Hong Kong, Macao and Taiwan, the report said, adding the increase in the number of cases was 20 percent year on year.
The commission has published the annual report for seven consecutive years.
The CIETAC was set up in April 1956 under the China Council for the Promotion of International Trade and is one of the major permanent arbitration institutions in the world.