On November 4, 2024, the draft revision to the Chinese Arbitration Law was submitted to the 12th Session of the Standing Committee of the 14th National People's Congress (NPC) for review.

The draft contains 91 articles in 8 chapters, with a large range of revisions, mainly involving four aspects: first, it is clear that arbitration work adheres to the Party's leadership; Secondly, the draft aims to refine the legal framework of arbitration, broaden the scope of foreign-related arbitration, adds "special arbitration" system and "seat of arbitration" system, and supports arbitration institutions to "go global" and "bring in"; The third is to improve the credibility of arbitration, including improving the internal governance and management system of arbitration institutions, improving the transparency of arbitration institutions and arbitrators, broadening the channels for the appointment of arbitrators, clarifying the responsibilities of judicial administration, and preventing sham arbitration; Fourthly, it will promote the innovation of arbitration practice with Chinese characteristics that is integrated with international rules, clarify the legal effect of online arbitration, shorten the time period for applying for revocation of awards, and fully respect the autonomy of the parties.

(Source: Procuratorate Daily )