Core Points - The revised arbitration law will take effect on March 1, 2024, with the Supreme People's Court accelerating the drafting of supporting judicial interpretations to ensure the implementation of the revised law in judicial practice [1][3][5] Group 1: Key Changes in Arbitration Law - The application period for the annulment of arbitration awards has been shortened from 6 months to 3 months, aimed at encouraging timely exercise of rights and enhancing the efficiency of court procedures [2][3] - The arbitration preservation system has been improved, allowing parties to apply for preservation measures directly to the court in urgent situations before arbitration [2][3] - The investigation and evidence collection system for arbitration tribunals has been enhanced, allowing tribunals to request assistance in evidence collection when necessary [2][3] Group 2: Support for International Arbitration - The revised law introduces the arbitration location system and special arbitration system, facilitating the choice of China as the arbitration venue for cross-border commercial disputes [3][4] - The law aligns with international rules, providing a clear legal basis for courts to support and supervise international arbitration, thereby enhancing China's international competitiveness in arbitration [3][4] Group 3: Implementation Measures - The Ministry of Justice is preparing supporting measures for the implementation of the revised arbitration law, including drafting management regulations for arbitration institutions and promoting the establishment of the China Arbitration Association [1][5] - The Supreme People's Court will focus on improving the judicial review mechanism for arbitration, optimizing the connection between annulment and enforcement procedures, and enhancing training on the application of the law [4][5]

Core Insights - Shanghai is emerging as a significant window for international arbitration entering China and for Chinese arbitration reaching the world [1] Group 1: Arbitration Case Statistics - In the past five years, Shanghai courts have accepted a total of 2,616 arbitration judicial review cases and 6,933 applications for arbitration preservation, indicating an overall upward trend in case numbers [1] - The number of arbitration judicial review cases increased from 453 in 2020 to 634 in 2024, while arbitration preservation cases rose from 834 to 2,337 in the same period, reflecting strong support from Shanghai courts for arbitration activities [1][2] Group 2: Quality and Efficiency of Arbitration - The judicial review results show a high confirmation rate of arbitration agreements at 93.5% and a high recognition and enforcement rate of foreign arbitration awards at 97.92%, while the annulment rate of arbitration awards is as low as 0.14% [2] - The average processing time for arbitration judicial review cases has decreased to 38 days, aided by a 100% electronic delivery rate and a 77.9% online trial application rate [1][3] Group 3: Innovations and Regulatory Developments - The Shanghai International Commercial Court has established a specialized team for arbitration judicial review, focusing on professional trial construction and exploring mechanism reforms [3] - In June 2024, the Shanghai High People's Court issued regulations for the centralized jurisdiction of temporary arbitration judicial cases, ensuring procedural norms and legal uniformity for new types of arbitration cases [3]