China signed a convention setting up an international organization for mediation in Hong Kong yesterday that Beijing hopes would be on par with the International Court of Justice and bolster the city’s international credentials.
The move comes amid growing geopolitical tensions that have been exacerbated by US President Donald Trump’s global trade war and fuelled risks of a sharp worldwide economic downturn.
The mediation body aims to cement Hong Kong’s presence as a top center to resolve disputes between countries, Hong Kong Chief Executive John Lee (李家超) said earlier this week, adding that its status would be on par with the International Court of Justice and the UN’s Permanent Court of Arbitration.
Photo: Bloomberg
Indonesia, Pakistan, Laos, Cambodia and Serbia were among the countries attending the signing ceremaony. Representatives from 20 international bodies including the UN were also expected to join, public broadcaster RTHK said.
A video shown at the signing, which was presided by Chinese Minister of Foreign Affairs Wang Yi (王毅), said the scope of cases that would be handled include disputes between countries, between a country and nationals of another country, and between private international entities.
The mediation group could advance China’s influence internationally and promote a more assertive role for the world’s second-largest economy in global governance, although its success remains to be seen, some analysts said.
Natixis chief Asia Pacific economist Alicia Garcia-Herreo said the move was good news for Hong Kong, but added that arbitration centers in Chinese cities Xian and Shenzhen had not worked well.
“Hong Kong has been offered as an alternative, but I still think that borrowers, especially borrowers or anybody with a Belt and Road contract related or with a Chinese leg will feel less protected nowadays,” she said.
Hong Kong’s Secretary for Justice Paul Lam (林定國) said that the new body would help Hong Kong cope with challenges that arise when “hostile external forces are attempting to deinternationalize and defunctionalize” the city.
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