Hosted by China International Economic and Trade Arbitration Commission (CIETAC), the China Trade Arbitration Selective Trial ended on December 10. Having gone through 85 rounds of competition, the University of International Business and Economics won the first prize and will participate in the International Commercial Arbitration Tribunal in March next year in Vienna while East China University of Political Science and Law ranked second, and they also will join in the Tribunal in Hong Kong.

China Trade Arbitration Selective Trial is now in its 12th year. This year 39 teams from 37 law colleges participate in the trial, and its nearly 100 judges are lawyers and arbitrators from the United States, Sweden, France and seven other countries.

Fabricio, the International Commercial Arbitrator, said the China Trade Arbitration Selective Trial is a part of the global competition, which is hosted in Vienna with more than 300 participating teams. The competition greatly promotes the worldwide international trade and arbitration.

The expert stated that compared with court trials, the arbitration adopted in international trade is a universal solution of return of both sides' own free wills. Kang You, an arbitrator from China International Economic and Trade Arbitration Commission (CIETAC), gave one example: If a Chinese company signed a contract with an American company then a dispute will be settled through arbitration. As the earliest foreign economic and trade arbitration institution in China, the CIETAC could make the arbitration decision acknowledged by the United Nations according to the foreign arbitration decision convention, and be admitted and executed in more than 150 contracting powers.

The international arbitration cases accepted by CIETAC continue to increase in recent years. It accepted 1610 cases in 2014, growing by 28 percent on last year's same period, involving 37.8 billion RMB, which grew by 55 percent in the same period of 2013. From January to November this year, the number of cases increased by 21 percent while the amount of involved money grew by 25 percent. The expert said that we need more arbitration talents.

The Secretary of CIETAC said that the disputes on economic and trade are increasing, and the enterprises are required to deal with arbitration both in China and the rest of the world, while the Chinese arbitrators are relatively less. Hence this Arbitration Competition not only helps train more excellent law talents but also improve the expertise of arbitrators.