‘Credible' new global mediation body will draw investors to Hong Kong: Paul Chan
The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the economy shifts towards these developing countries, the city's finance minister has said.
Advertisement
Secretary for Finance Paul Chan Mo-po said on Sunday the inauguration of the China-led body on Friday established Hong Kong's role as the global legal and mediation centre for the Asia-Pacific region.
'An efficient, fair, just, and credible dispute resolution mechanism is one of the important pillars for promoting more international investment and trade, and helps to enhance investor confidence,' Chan wrote in his weekly blog.
'As China's only common law jurisdiction, Hong Kong has excellent rule of law, comprehensive legal and dispute resolution services, coupled with a trilingual environment and tolerance for different cultures, making it the most ideal location for the International Organisation of Mediation.'
Chan also said that the establishment of the legal body would enhance the competitiveness of Hong Kong's international financial, trade and shipping industries, and promote good ties with the Global South, referring to countries in Africa, Latin America and Southeast Asia.
Advertisement
Chan noted that the global economy was 'shifting eastward', and developing countries in Asia, including China, which made up one-quarter of the world's gross domestic product, wanted more say on global governance.
'In recent years, more Asian and African countries have also stated their desire to adopt mediation as an alternative to arbitration for resolving disputes,' said Chan, noting that mediation was more 'flexible, economical and efficient' than arbitration.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
Shangri-La Dialogue a place to ease tensions, not inflame China threat
The Shangri-La Dialogue, held annually in Singapore, has long provided a useful platform for discussion of Asia's security issues. Advertisement But the United States used the region's premier security conference last weekend to launch a provocative attack on China, a move that fanned flames, rather than easing concerns. US Defence Secretary Pete Hegseth accused China of wanting to 'fundamentally alter the region's status quo'. The threat, he said, was 'real' and 'could be imminent'. He referred to the South China Sea and Taiwan. Hegseth urged US partners and allies to join it in countering what he described as China's aggression. Beijing could not let the strongly worded allegations go unanswered. Hu Gangfeng, a People's Liberation Army major general, dismissed them as 'groundless'. Advertisement Hegseth's comments, Hu said, aimed to stir up trouble and incite confrontation, destabilising the region. China's defence and foreign ministries issued statements condemning the US accusations.
South China Morning Post
4 hours ago
- South China Morning Post
Faulty prostate cancer tests leave 406 Hong Kong patients with nervy wait
Hong Kong public hospitals are reviewing blood test results of more than 400 patients after batches of a reagent were found to have quality issues that could produce false positives for prostate cancer Advertisement The Hospital Authority said on Tuesday that it was following up with the supplier of a testing product after being notified by the firm last week about complaints elsewhere related to quality issues. The product, supplied by Abbott Laboratories, is a reagent kit that detects the level of prostate-specific antigen (PSA) in blood. An elevated level may be a sign of prostate cancer. The product's quality issues could 'potentially lead to a misdiagnosis of prostate cancer, causing doctors to erroneously consider unnecessary treatments', the authority said. Two batches of the affected products were sent to Caritas Medical Centre in Sham Shui Po and Tuen Mun Hospital. Advertisement While Tuen Mun Hospital had not started to use the product, Caritas Medical Centre had already tested blood samples of 406 patients with the PSA kit since April 28. It has reviewed the test results and will contact about 70 patients this week, and rearrange blood tests based on their clinical needs.
South China Morning Post
7 hours ago
- South China Morning Post
Will a calmer approach to US-China relations work out for Beijing?
Advertisement Beyond this brief moment in the spotlight, however, Xie has kept a lower profile during Trump's second term, in stark contrast to his predecessors Cui Tiankai and Qin Gang, who actively engaged American audiences to counter negative perceptions of China. At events such as the 2024 Harvard Kennedy School China Conference, despite facing pro-Tibetan protests, he maintained a composed demeanour, emphasising modernisation and cooperation rather than confronting his critics directly, a sharp contrast to Qin's more combative approach. Xie's style aligns more closely with Cui, China's longest-serving ambassador to the US, who was known for his measured, professional approach. Cui, who served as ambassador between 2013 and 2021, adeptly navigated turbulence during the Barack Obama era and Trump's first term, actively engaging US officials and lawmakers, media and think tanks, while forging personal ties with the Trump family. Advertisement Highly regarded in both Beijing and Washington, Cui was viewed as a skilled communicator and an interlocutor who understood American politics.
