Recognition and Enforcement of Foreign Arbitral Awards in the PRC
With the Belt and Road initiative likely to drive significant outbound investment by Chinese companies, the ability to enforce foreign arbitral awards in the People’s Republic of China (PRC) will be a key issue for these companies and their Belt and Road counterparties. In 1987, the PRC ratified the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention). On 10 April 1987, the Supreme People’s Court of China (Supreme People’s Court) issued the Notice of the Supreme People’s Court on Implementing the Convention on the Recognition and Enforcement of Foreign Arbitral Awards Acceded to by China (Supreme Court Notice) and stated relevant issues regarding the enforcement of foreign arbitral awards according to the New York Convention. However, the Supreme Court Notice contains only five articles which set out the principal rules according to the New York Convention. As of today, the Supreme Court Notice has not been amended. Due to the lack of detailed explanation and case precedents, this article will analyze the issues an applicant seeking to enforce a foreign arbitral award in the PRC should have to focus on.