China may create a procedure and organization to handle the resolution of disputes arising from issues related to the Belt and Road Initiative, the second meeting of the Leading Group for Deepening Overall Reform concluded on Tuesday.
The meeting, chaired by Xi Jinping, general secretary of the Communist Party of China Central Committee, approved a guideline about establishing such a procedure and organization.
The goal is to lawfully settle commercial, trade and investment disputes regarding the Belt and Road Initiative, protect the lawful rights and interests of Chinese and foreign individuals on equal footing and create a stable, fair and transparent business environment with the rule of law, those at the meeting decided.
China has signed deals related to the Belt and Road Initiative with more than 80 countries and organizations.
Investment made by Chinese enterprises in countries involved in the initiative have totaled more than $50 billion and generated close to 200,000 new jobs, Foreign Minister Wang Yi said on Monday.
Efforts to set up the procedure and the organization to handle disputes should follow the principles of extensive consultation, joint contribution and shared benefits and should be based on China's existing judicial, arbitration and mediation institutions, the leaders agreed.
Such efforts should integrate domestic and foreign legal services and establish a diversified resolution procedure that leads to effective synergies in arbitration and mediation processes, the leaders determined.
Xi said ensuring success in the reform is of great significance, as this year marks the first for fulfilling the spirit of the 19th CPC National Congress as well as the 40th anniversary of China's reform and opening-up.
The officials approved the Leading Group's key missions this year and a review report on the group's work from last year.
They approved a plan to boost China's role in leading and organizing major science plans and major science projects that involve global efforts.
Those at the meeting also approved a pilot guidance on works related to the transfer of China's intellectual property rights overseas.
The scope, contents and mechanism of screening such transfers should be tackled to reinforce management of the transfers relating to national security, they said.
They also approved guidelines on efforts such as boosting government information transparency in the area of public welfare, improving treatment for technical workers, managing the country's science data and promoting production safety.
Source: BELT AND ROAD PORTAL