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23.07.2024
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$ 87.78
€ 95.76

Foreign arbitration institutions will be able to open branches in Hainan from April 1

big 179655 1From April 1, foreign arbitration institutions will be able to open branches and conduct cases on civil and commercial disputes in the southern Chinese province of Hainan after passing the registration procedure.

This is reported by the local information resource "Nanhaiwan".
According to the plan approved by the authorities, by the end of 2025, the creation of an International Commercial Arbitration Center for resolving commercial disputes in the Pacific and Indian Oceans should be completed in the province. By 2035, according to the resource, it is also planned to create an International Commercial Arbitration Center of the Hainan Free Trade Port.
The Hainan authorities, based on the general program of building a free trade port, will continue to work on creating a more favorable and convenient international business environment. The emergence of the International Commercial Arbitration Center of the Free Trade Port should play an important role in attracting even more commercial resources to the province from around the world.
The program for the construction of a free trade port on Hainan, published in June 2020, provides for the transformation of the island into a special customs zone. The Government of the country expects to complete the creation of a free port by 2025: by this time, a system of ensuring free trade and investment should be built on the island.
By 2035, the free port and its model will take on more mature forms. By this time, it is planned to ensure freedom of trade and investment, cross-border movement of capital, entry and exit of people, cargo transportation in Hainan, writes TASS.