Guangzhou, a forefront city of China's opening up and capital of the southern Guangdong Province, has set up an international commercial court as part of the city's efforts to build a highland for international commercial dispute resolution and foster a world-class, law-based business environment.
As a specialized tribunal under the Guangzhou Intermediate People's Court (GIPC), the court will focus on handling foreign-related commercial cases, the GIPC announced at a press conference on Wednesday.
Its jurisdiction covers first-instance and second-instance foreign-related commercial cases, judicial review of arbitration cases, confirmation of foreign-related mediation agreements and other relevant matters handled by the GIPC.
Three supporting documents for international commercial cases were also released during the press conference, including the court mediation rules for international commercial disputes -- the first of their kind in China.
Leveraging the multi-jurisdictional strengths of the Guangdong-Hong Kong-Macao Greater Bay Area, the rules incorporate mediators from Hong Kong and Macao into the entrusted mediation system and allow online authorization via a dedicated platform, enabling efficient and low-cost dispute resolution.
China's Guangzhou establishes int'l commercial court
China urges the United States to respect a recent World Trade Organization (WTO) ruling that found U.S. clean energy subsidies under its Inflation Reduction Act inconsistent with WTO rules, the Ministry of Commerce said Thursday.
Ministry spokesman He Yadong made the remarks at a press briefing in Beijing when asked to comment on a statement by the Office of the United States Trade Representative regarding the ruling that requires the U.S. to withdraw the subsidies in question.
The U.S. side, while acknowledging it lost the case, said the ruling was wrong and claimed that existing WTO rules cannot address the issue of "overcapacity".
"As a WTO member, the U.S. should respect the ruling and comply with rules. The existing WTO rules were jointly negotiated and agreed upon by participants in the Uruguay Round, including the United States. As both a negotiating party and a signatory, the U.S. has an obligation to comply with its international treaty commitments," said He.
"The relevant actions and remarks by the U.S. are aimed at excusing its own violations of treaty obligations and abuse of subsidies and other protectionist practices, while attempting to shift the blame for insufficient industrial competitiveness and other domestic problems onto others. Such moves artificially interfere with and fragment global markets, undermining the stability of global industrial and supply chains," he said.
"The current international economic and trade order is facing severe shocks from unilateralism and protectionism, and safeguarding a multilateral trading system with the WTO at its core is the shared responsibility of all WTO members. We urge the U.S. side to earnestly respect WTO rulings, promptly correct practices that violate WTO rules, and uphold the rules-based multilateral trading order through concrete actions," said the spokesman.
China urges U.S. to respect WTO ruling against Inflation Reduction Act
