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Ms. Liu Hua made an address at Inauguration Ceremony for China (Shanghai) Pilot Free Trade Zone Court of Arbitration
 

To Meet the Demands of Free Trade Zone
To Build Safeguard By Laws

 

By Ms. Liu Hua
Chairwoman of Legislative Affairs Office for the Shanghai Municipal People’s Government

 

Dear Chairman Cen Furong, 
Distinguished Guests, Ladies and Gentlemen
Good Afternoon

 

I am very honored to be invited to the Inauguration Ceremony for China (Shanghai) Pilot Free Trade Zone Court of Arbitration. On behalf of the Legislative Affairs Office for the Shanghai Municipal People’s Government, I hereby present my most sincere wish to the China (Shanghai) Pilot Free Trade Zone Court of Arbitration.

 

The China (Shanghai) Pilot Free Trade Zone ("FTZ") has been founded. This is a significant measure to boost China 's reform and opening up under the new circumstances. For this important national strategy, Shanghai has undertaken the mission of pilot implementing. During the course of two to three years of piloting reforms, the China (Shanghai) Pilot Free Trade Zone shall pilot a free trade zone, as measured by international standards, with convenient investment and trading procedure, full convertibility of currencies, effective and efficient supervision, and investor-friendly regulatory environment. As such, experience hence gained shall serve nationwide with the new ideas and approaches for opening up of the economy and deepen the reform further. It also bears the duty to enhance China's economic position globally. The promotion of FTZ is the first priority in Shanghai's current and future plan.

 

The pilot-implementations in FTZ are quite exploratory. There should be some breakthrough when treating those out of date rules and policies. The regulatory systems of investment, trade, finance, administration which are in line with international practices and standards need to be settle down by means of innovation of systems. The legal support is no doubt the key issue in FTZ.

 

Arbitration is the most favoured dispute resolution measures for its effectiveness, parties' autonomy, confidentiality, enforceability and reasonable cost. A diversified dispute resolution system is widely concerned throughout the world. SHIAC is the arbitral institute which shall be supported, as provided in Framework Plan for the China (Shanghai) Pilot Free Trade Zone.

 

SHIAC is approved to establish by Shanghai Municipal People's Government in 1980s in order to boost China 's reform and opening up. After having developed for 25 years, SHIAC has administered arbitration proceedings in which more than 66 jurisdictions were joined. The arbitral awards issued by the arbitral tribunals of SHIAC have been recognised and enforced in more than 40 jurisdictions under the framework of New York Convention.  SHIAC has been renowned both internationally and domestically.


SHIAC has made great achievements in establishing a regional arbitration center and internationalizing local arbitration. The arbitration in SHIAC has exhibited the features of professional, high-class and international.

 

I'm so glad to hear that, SHIAC has established this China (Shanghai) Pilot Free Trade Zone Court of Arbitration in supporting the completing the legal system in FTZ. SHIAC will provide its effective and international arbitral services, which are always its strengths, to the parties at place. This is a systematic plan of dispute resolution and legal support in FTZ. Arbitration is an recognized effective way to settle down disputes in business. A well-commented arbitration institute is a key part of the legal system in the place it is located. I believe that the China (Shanghai) Pilot Free Trade Zone Court of Arbitration will remarkably promote a diversified dispute resolution framework in the FTZ.

 

We also appreciate that SHIAC will take the advantage of FTZ Court of Arbitration, will target to building itself an international arbitration center which go with "four centers" of Shanghai, then to complete its arbitration rules and other services in accordance with laws. SHIAC shall keep its quality and efficiency,  shall contribute itself in promoting arbitration in FTZ, shall make effort to be recognized as an international arbitration center.

 

At last, my best regards to this Ceremony. Thank You.

 

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