The Dalian International Shipping Court of Arbitration has been officially established in the Dalian Shipping Exchange Market on April 26, 2012 in Dalian, a port city of northeast China's Liaoning province.
Li Jingrui, vice-secretary of the Dalian Municipal Party Committee, and Xiao Shengfeng, member of the Standing Committee of the Dalian Municipal Party Committee and first deputy mayor of Dalian, attended the opening ceremony.
The Dalian International Shipping Court of Arbitration serves as a professional institution dealing with disputes that occur in sea shipping, logistics, maritime affairs and commerce, and port construction at home and abroad. Co-founded by the Dalian Arbitration Committee and the Dalian Port Bureau, it will provide support to the building and development of the Dalian Northeast Asian International Shipping Center.
Since October 2003, the CPC Central Committee and the State Council have proposed to build Dalian as an important international shipping center in northeast Asia by making fully use of the port advantages in northeast China.
Dalian has made efforts to accelerate the process when the Development Plan of the Liaoning Coastal Economic Zone was raised as a national strategy. The establishment of the arbitration court is necessary for the development of the market economy as well as for Dalian's modern shipping service.
Arbitration is a way to resolve civil and commercial disputes and is widely adopted globally. As an international practice, it is also a dispute settlement body confirmed by the law. The particularity in shipping disputes and shipping arbitration's unique strengths such as its convenience, flexibility, specialization, confidentiality and low cost in dealing with disputes mean that shipping arbitration can develop in a sustainable manner.
Source: China Daily