On 19 September 2017, the China International Economic and Trade Arbitration Commission (“CIETAC”) published the Arbitration Rules of the China International Economic and Trade Arbitration Commission for International Investment Disputes (for Trial Implementation) (the “Rules”) which take effect on 1 October 2017. This is CIETAC’s first set of arbitration rules on investor-state international investment disputes.
The Rules were published against a backdrop of increasing foreign direct investment in China. According to CIETAC, China’s foreign direct investment increased by 43.5% to USD 183 billion in 2016. The Rules are designed according to international principles and best practices in investor-state arbitration.
The main developments include:
1. Four Key Point
- Cases referred to and jurisdiction
- Register of arbitrators
- Hearing in public
- Third party funding
2. Scope of the Rule
3. Main Content of the Rules
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