China's International Commercial Arbitration Institutions Enjoy Greater Influence
China's institutions for international commercial arbitration enjoyed growing influence worldwide in 2020.
The China International Economic and Trade Arbitration Commission (CIETAC), handled 3,615 arbitration cases last year, up 8.5 percent from a year earlier. The amount of money involved in these cases reached 122.13 billion yuan (about 18.94 billion U.S. dollars).
Of the total, 739 cases involved foreign countries, or China's Hong Kong, Macao and Taiwan, adding the increase in the number of cases was 20 percent year on year.
The CIETAC was set up in April 1956 under the China Council for the Promotion of International Trade and is one of the major permanent arbitration institutions in the world.
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