Why Arbitration?

There are usually four altematives in resolving international commercial disputes,i.e.negotiation,conciliation,arbitration and litigation.Among these arbitration has become very popular.

Arbitration has advantages in that it is convenient,cost-saving and efficient in concluding cases.Arbitration allows the parties full autonomy and can resolve disputes independently,impartially and without delay.It is also preferred for its flexibility,confidentiality,finality and enforceability of its award.More parties have come to choose and adopt arbitration for dispute resolution.

China has been advocating and encouraging the use of arbitration to resolve international commercial disputes.The establishment of a foreign-related commercial arbitration institution in China was announced as early as 1956.Over the past four decades,arbitration in China has made a great progress with remarkable achievements.At present,China's foreign-related arbitration institution has the heaviest caseload in the world ,and the impartiality of its awards has been recognized unanimously both at home and abroad.The cases accepted involve parties from more than 40 countries and regions.China has become one ofthe wor1d's major commercial arbitration centers.