Since July 1, 2024, the Hainan Free Trade Port has begun to apply provisions aimed at developing commercial arbitration. Thanks to the new rules, companies registered on the island can settle disputes with foreign partners by choosing arbitrators themselves. This approach is designed to create a flexible legal framework that promotes international business activity.
As the Hainan Daily newspaper notes, the temporary arbitration system operating in the province has no analogues in other regions of China. It is based on international standards and creates an innovative legal framework for business. According to experts, such initiatives strengthen Hainan's status as an advanced business hub in Asia.
The head of the Arbitration Association of the province, Liu Daojun, said that the first group of 40 temporary arbitrators has already been approved, and 70 secretaries have been trained to ensure the processes. In the future, Hainan intends to resolve disputes in such areas as intellectual property, medicine and commercial astronautics.
