1st Ld-Writethru: New int'l arbitration court set up in E China

An international arbitration court was established on Tuesday in east China's Zhejiang, a province with developed private sector and increasing overseas businesses, to help enterprises handle trade disputes.

Hangzhou International Arbitration Court is the first of its kind in Zhejiang. It is affiliated with the Hangzhou Arbitration Commission.

Business people in Zhejiang were previously disadvantaged in disputes related to overseas businesses as they were not familiar with the rules in Western countries, said Wang Guiguo, president of the court.

The new court will adopt international arbitration rules to guarantee the legal rights and interests of entrepreneurs in Zhejiang, he said.

Arbitration is more efficient than court trials in handling corporate disputes and the system is widely recognized by different countries, according to Zhao Liang, an official with the commission.

The court will recruit foreign arbitrators to ensure the authority and fairness of verdicts.

Zhejiang is home to 138 out of the country's top 500 private companies, official data showed last year. The majority of private companies in Zhejiang have overseas businesses, according to the provincial commerce department.

Several international arbitration courts have been set up in China's economically developed eastern regions, including Guangdong Province. Endi