Late-2014 saw the inauguration ceremony of the China Maritime Arbitration Commission (CMAC) Hong Kong Arbitration Center.
Since its founding in the 1950s, the CMAC has become a respected arbitrator. It has accepted cases related to shipping, insurance, trade and legal service and facilitated China's maritime relations with the rest of the world. Thus, the CMAC Hong Kong Arbitration Center will strive to cement Hong Kong's ties with the mainland and enhance its profile as a shipping and dispute settlement hub.
Since China's accession to the WTO, CMAC has served clients from a variety of sectors such as shipping, fishery, insurance and shipbuilding, and set up local chapters and offices, said Yu Jianlong, Vice Chairman of CMAC. The number of cases grew from 10 per year to 137 in 2013, and the combined monetary value of the cases increased from RMB100 million (US$16.1 million) to over RMB1.6 billion (US$257.5 million).
In 2014, CMAC processed 103 cases, with a combined monetary value of RMB1.0 billion (US$160.9 million).
CMAC has 279 arbiters, with more than 20 located in Hong Kong. The organisation is currently in the process of restructuring and finalising its new arbitration rules, which are due to be announced in early 2015.
Commenting on the inauguration, CMAC said it retains a focus on fair and independent process, flexible pricing, global standards and high productivity. Additionally, Hong Kong was seen as the "ideal place" CMAC to set up the Arbitration Center, thanks to the city's neutral stance on dispute settlement.