China mulls revising arbitration law

BEIJING, Nov. 4 (Xinhua) -- Chinese lawmakers on Monday started deliberating a draft revision to the Arbitration Law, focusing on addressing prominent issues in the arbitration system and practice.

The draft revision was submitted to an ongoing session of the Standing Committee of the National People's Congress, the national legislature, for the first reading.

This is the first major revision of the law since its promulgation in 1995.

The draft aims to refine the legal framework of arbitration with Chinese characteristics, make it more compatible with international rules, and enhance the credibility and international competitiveness of arbitration, thus fostering a world-class business environment that is market-oriented, law-based and internationalized.