On September 19, 2017, CIETAC held the China International Economic and Trade Arbitration Commission Arbitration Rules on International Investment Disputes (hereinafter referred to as the Investment Arbitration Rules) and Annual Report on International Commercial Arbitration in China (2016) press conference. The Investment Arbitration Rules and Annual Report were released by Mr. Wang Chengjie, Vice Chairman and Secretary-General of CIETAC. Mr. Zhao Jian, Vice President of the Arbitration Court of CIETAC, presided over the press conference. More than 30 media, such as CCTV, the Xinhua News Agency, China News Service, China Daily, Legal Daily and Economic Daily attended the press conference. This press conference was one of the Chinese Arbitration Week series.

Firstly, Secretary-General Wang Chengjie introduced the formulation background and significance of the Investment Arbitration Rules. He stated that international investment arbitration is the main way to resolve investment disputes between investors and host countries. At present, there has been neither such practice of accepting international investment disputes in arbitration institution of China, nor one set of international investment arbitration rules. In order to adapt to the implementation of the Belt and Road Initiative, support the enterprises go outward, and resolve the international investment disputes between investors and host countries independently and impartially, CIETAC organized the investment arbitration experts to coordinate to establish the research group, which formulated the Investment Arbitration Rules through collective wisdom, repeated deliberation, modification and improvement. The issue of the Investment Arbitration Rules filled the gap in the field of international investment arbitration in China, enriched and developed the investment arbitration practice in China, provided institutionalized protection for Chinese enterprises to resolve investment disputes with host countries, and made a solid step toward further promoting the internationalization, legalization and facilitation of business environment in China.

Secretary-General Wang Chengjie also introduced the principles of formulation and main characteristics of the Investment Arbitration Rules. He pointed out that the Investment Arbitration Rules carried out the arbitration concepts of flexibility, efficiency, and economy, integrated with Chinese characteristics on the basis of drawing on the experiences of international investment arbitration, which reflected internationalization and practicability. Meanwhile, the Investment Arbitration Rules fully respects the autonomy of the parties, guarantees the independence of the Arbitral Tribunal, and ensures the credibility of the arbitral awards.

The Investment Arbitration Rules have already been approved by the China Council for the Promotion of International Trade, and will come into force on October 1, 2017. CIETAC will continue to strengthen the publicity and promotion, guide enterprises to understand CIETAC international investment disputes settlement mechanism, improve Chinese enterprises’ ability of legal risks prevention and response, and provide better service for implementation of the Belt and Road Initiative.  

Afterwards, Secretary-General Wang Chengjie generally introduced the Annual Report. He stated that the Annual Report on International Commercial Arbitration in China has received wide attention from both domestic and international arbitration circles, legal circles and media circles since it was firstly released in 2015. With the deepening of China's reform and opening up and the rapid growth of foreign trade and investment, the arbitration in China has flourished, and the international commercial arbitration in China has also reached a new level. In this context, continuing to carry out special subject research and releasing Annual Report on International Commercial Arbitration in China have important practical significance for promoting the theoretical research and practical development of international commercial arbitration, improving the system of international commercial arbitration, and further developing the arbitration in China.

Secretary-General Wang Chengjie also introduced the compiling profile and main highlights of the Annual Report. He pointed out that the principle members of 2016 Annual Report research group include experts and practitioners from colleges and universities, arbitration institutions, the Supreme People’s Court and law firms. The Annual Report combines the empirical analysis with the theoretical research, adheres to the development of international commercial arbitration in China, and shows the highlights of the practice of international commercial arbitration in China.

Secretary-General Wang Chengjie expressed that the annual report series of research projects will be carried out and improved continuously to make a greater contribution to the development of international commercial arbitration in China.

After the release, some media reporters asked questions about the Investment Arbitration Rules and the Annual Report. After the press conference, Secretary-General Wang Chengjie took interviews with CCTV-1, CGTN and other media reporters.