Honorable Secretary for Justice, Mr. Paul Lam SC, 

Distinguished guests, ladies and gentlemen, good morning!

On behalf of the HKIAC, I welcome you all to the ICCA 2024 Shenzhen Side Event. We are very grateful to our co-organisers, the Hong Kong SAR Department of Justice, the SCIA and the SCIA HK, for giving HKIAC the opportunity to co-organise today’s event. 

As Prof. Shen (Chairman of the SCIA Council, Chairman of China International Economic and Trade Law Association) mentioned, the ICCA Congress that just concluded in Hong Kong SAR yesterday was the largest one in history. It brought together more than 1,400 arbitration specialists from more than 70 different jurisdictions around the world, more than 20 well-known lawyer associations and arbitration institutions, and organised groups to attend and participate in the event. The main programs of the ICCA Congress lasted 3 days with a total of 16 panels and over 80 speakers. In addition, there were more than 50 side events taking place in Hong Kong SAR in the past few days. So, the ICCA Congress, once again, proved that Hong Kong SAR is an intersection of Chinese and western cultures and also an important place for exchanges between Chinese and foreign arbitration practitioners. 

We would like to express our sincere gratitude to the Department of Justice of Hong Kong SAR, the SCIA and all participants for their support. As Prof. Shen also mentioned, the SCIA and the SCIA HK are the diamond sponsors of the ICCA Congress and their generosity contributes significantly to the successful organisation of the ICCA Congress. We, HKIAC, are also very lucky to have the opportunity to hold this side event in Shenzhen, on the first day after the ICCA Congress. 

I think this fully demonstrates not only the geographical proximity between Hong Kong SAR and Shenzhen but also the closeness of cooperation and exchanges between the two places. And we believe this close cooperative relationship between SCIA and HKIAC will continue to enhance and promote the prosperity and development of arbitration in both places. 

Turning to HKIAC in 2023, HKIAC received 281 new arbitration cases with a record-breaking total amount in dispute of US$ 12.5 billion involving parties from over 45 different jurisdictions. Around 90% of our administered arbitrations involved at least one non-Hong Kong party. Around 10% of our cases involved no Asian parties. And this year, just before ICCA Congress, we also released our 2024 HKIAC Administered Arbitration Rules, which will come into effect on 1st June 2024. HKIAC is committed to remaining at the forefront of arbitral development, arbitral innovation and efficiency. 

Ladies and gentlemen, let us return to the theme of today’s event - The Latest Developments in International Arbitration in China. With the acceleration of global economic integration, international arbitration has become increasingly prominent as an important means of resolving cross-border commercial disputes. Also, given that China has the second-largest economy, its arbitration industry is also developing rapidly. In Shenzhen, a special economic zone of China, SCIA has won widespread praise at home and abroad for its professional, efficient and international arbitration services. And as mentioned earlier, in Hong Kong SAR, an international financial center, our arbitration industry is also flourishing as evidenced by the success of the ICCA Congress. The speakers we have today at the side event are all leading arbitration experts and possess brilliant legal minds. Their experiences and insights will no doubt provide us with valuable inspiration today. I look forward to continuing our collaboration with SCIA as well as various institutions and participants to promote the development of international arbitration in China. Finally, once again, on behalf of HKIAC, welcome to the side event!