China launches International Commercial Courts in Shenzhen, Xi’an
BEIJING - Following its earlier announcements, the Supreme People’s Court of China (SPC) has formally launched two branches in Shenzhen and Xi'an, t be known as the First and Second International Commercial Courts of China (CICC).
The Supreme Court has also issued "Provisions on Several Issues regarding the Establishment of International Commercial Courts", describing the scope and operation of the CICC.
Lawyers Baker McKenzie describe the CICC as a significant development in China’s judicial system that will offer more dispute resolution choices to parties doing business in China and internationally, particularly in connection with China's Belt and Road Initiative.
“Its jurisdiction will include, among other disputes, international commercial cases with claims worth over RMB 300 million or of nation-wide significance, and where a party applies for interim measures in aid of arbitration and enforcement or setting aside of applicable arbitral awards,” B&M says in a Client Alert. www.bakermckenzie.com (ATI).