China has decided to set up three international courts to deal with disputes related to its multi-billion dollar Belt and Road Initiative (BRI), under which it is making massive investments, according to official media here today.
The Chinese Supreme People's Court will set up international courts in Beijing, Xi'an, the capital of Shaanxi Province and Shenzhen, state run Global Times reported.
The Xi'an court in Northwest China will handle cases related to the Silk Road and the Shenzhen court in South China with those related to Maritime Silk Road disputes. Beijing will be the headquarters.
The courts will weigh litigation, arbitration and mediation; providing legal support and solving initiative disputes, the report quoted another official Beijing Business News as saying.
The plan to establish a mechanism to legally resolve trade and investment disputes arising from issues related to the BRI was approved during the second meeting of the leading Group for Deepening Overall Reform in the Congress of the ruling Communist Party of China (CPC).
China says over 60 countries have signed up for BRI investments.