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]