Social Sciences in China (Chinese Edition)

No. 12, 2024

International Commercial Arbitration in the Context of Great Changes: Global Trends and China’s Response

(Abstract)

Liu Xiaohong and Feng Shuo

Amid profound global changes unseen in a century, international commercial arbitration is undergoing significant shifts. These include fluctuating patterns of dominance, adjustments driven by technological advancements, and institutional integration across diverse cultural contexts. The international commercial arbitration system is evolving to address these changes, balancing the pursuit of efficiency with fundamental fairness, loosening public policy restrictions amid the convergence of public and private interests, and witnessing the growing authority of arbitral institutions under the principle of party autonomy. In this context, China’s arbitration system faces a vital opportunity for reform. Reform efforts must align with the principle of comprehensive rule of law to overcome the excessive administration of arbitration, addressing issues such as the instrumentalization, administration and regionalization of arbitration in the context of the inherent needs of market economy development, while participation in global governance requires benchmarking Chinese arbitration against international standards to facilitate high-level opening up. Strategically, reforms should center on the goals of Chinese modernization by improving the arbitration framework through inclusive legislation, ensuring its effective operation via neutral oversight, and strengthening the system’s foundation with supportive judicial review.