BEIJING - Senior Chinese leaders Tuesday approved a guideline on establishing a mechanism to appropriately solve trade and investment disputes among the Belt and Road countries according to law.
The guideline on setting up a dispute-solving mechanism and institution among Belt and Road countries was passed at the second meeting of the Leading Group for Deepening Overall Reform of the 19th Communist Party of China Central Committee.
It was agreed that the principle of wide consultation, joint contribution and shared benefits should be observed in establishing the mechanism and institution.
A dispute settlement mechanism which connects litigation, mediation and arbitration will be created on the basis of China’s current judiciary, arbitration and mediation agencies, and by absorbing and integrating legal service resources home and abroad, according to the meeting.
Members of the group called for equal protection for both Chinese and foreign parties’ rights to create a stable, fair and transparent law-based business environment. (Xinhua)