HAIKOU, July 7. /TASS/. The Hainan authorities have adopted a provision on the creation of a special structure for the resolution of international trade disputes, the participation in which is also possible for similar foreign organizations, provided that they comply with the Chinese laws, reported Xinhua.
The regulation will enter into force on August 1, 2020. The measure is aimed at improving the mechanism for resolving trade disputes with foreign companies as part of the free trade port project. Currently, two courts have already been established within the Hainan court, which are involved in relevant cases. According to the agency, cooperation with a number of international organizations for the settlement of trade disputes has also been established. In particular, cooperation agreements were signed with similar structures from Hong Kong and Macau.
The local authorities believe that such step will help create a favorable legal and business climate for the implementation of the free trade port project in the province.
Earlier, the Central Committee of the Communist Party of China and the Сhinese State Council published the “General Program for the Establishment of a Free Port on Hainan,” according to which the island’s administration intends to create an effective system to fulfill a number of important social and economic goals by 2025, and within 10 years to decisively enhance the innovative mechanisms for the region's development.
In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.