The government on Tuesday published the first set of rules on dispute arbitration in the Shanghai free trade zone, offering improved legal protection for companies, Shanghai Securities News reported Wednesday.
The new regulations, which will take effect on May 1, use advanced global standards on dispute resolution, including emergency arbitration and other contingency measures.
The threshold has been lowered to include disputes involving 100,000 yuan (US$16,138) or less and the arbitration period has been cut to 20 days from 45. A fee of 1,350 yuan will be charged for each case.
The new rules do not include a widely expected temporary arbitration system extensively used worldwide.
More such regulations are expected to be introduced in the second quarter, possibly including an updated “negative list” and accounting standards, the report said. A negative list is a list of items to which a certain agreement, policy or rule do not apply.
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