Region enters era of rising arbitration

Cases involving arbitration in the Asia-Pacific region are rising amid fast growing economies, said Chief Justice Zhou Qiang.

He was speaking at the Conference of the Asia-Pacific Regional Arbitration Group (APRAG) on Friday.

In 2012, the China International Economic and Trade Arbitration Commission's Beijing office dealt with 975 cases, up 56 percent from the previous year.

The increase was reflected in other areas. The Singapore International Arbitration Center with 235 cases registered 25 percent annual growth. The region and particularly China is going to lead the world in arbitration development, said Zhou.

China's arbitration mostly concentrates on commodity sales, which account for one third of the total.

Other disputes involve stock rights, construction, real estate and financial derivatives, according to Yu Jianlong, President of APRAG.

"The minimum cost is 6,000 yuan ($970) per case," Yu added.

"The biggest advantage of arbitration is that it protects privacy," said Ye Lu, head of the International Dispute Resolution with King & Wood Mallesons, a Beijing-based law firm.

"Arbitrary courts are not open to the public. Plus, the parties have a say in the process. They can even appoint the preferred arbitrator."