The Arbitration Law completely abolished the administrative arbitration system in China in the past decades, and established a standardized and unified arbitration system in China. As for foreign-related arbitration that has existed for a long time in China, because of the implementation of the Arbitration Law (foreign-related arbitration in China was established according to administrative regulations in the past), it has more legal basis and higher status in the world. In the past five years, foreign-related arbitration and domestic arbitration

They have made great progress and played a great role in socialist economic construction.

Compared with the original civil procedure law, the arbitration law strengthens the judicial supervision of arbitration, and the relationship between justice and arbitration is closer. The practice in the past five years shows that in China, the judiciary, as an activity of state power organs, has played a supporting and supervising role in arbitration. As a quasi-judicial activity among the people, arbitration plays an auxiliary role in national justice. These two systems complement each other and are indispensable for the settlement of economic disputes in China.

Over the past five years, China's foreign-related arbitration has been conducted in strict accordance with the Arbitration Law, and thousands of foreign-related economic disputes have been handled, China's opening-up policy has been implemented, the economic interests of Chinese and foreign investors have been protected, and the development of foreign-invested enterprises has been promoted. These are achievements that cannot be ignored. As far as the arbitration institution itself is concerned, China International Economic and Trade Arbitration Commission has created many arbitration cases with theoretical value and practical significance through arbitration activities and arbitral awards in the past five years, enriching the theories of arbitration, civil and commercial law and procedural law in China. This point has not been well summarized and has not been noticed.

In addition, it is worth mentioning that in the past five years, China's arbitration research has made great progress. There are many researchers specializing in arbitration in universities and research institutions, and the works on arbitration (including master's and doctoral dissertations) are increasing day by day. There are many arbitration monographs published in recent five years. These are all gratifying phenomena. Compared with developed countries, China's achievements in arbitration are not inferior. Beijing and Hong Kong have become important arbitration centers in the East. Of course, we will continue to work hard to make China's arbitration career more successful.