Foreign mediators solve trade disputes in Yiwu
A Syrian businessman (L) and a Chinese merchant (R) shake hands under the efforts of a Pakistani mediator (second from left) in the mediation office in Yiwu, Zhejiang province. [Photo/Xinhua]
Yiwu city in East China's Zhejiang province, home to the world's leading small commodities market, has adopted a mediation system with foreign mediators participating in commercial disputes involving foreigners.
Since the system was established in May, 2013, 21 foreign mediators from 19 countries have contributed to 336 disputes with a success rate of 95.8 percent and a total contract amount of 49.59 million yuan ($7.13 million).
The foreign mediators are all volunteers and passionate about their work. They've been a good help to trade disputes between international businessmen and Chinese merchants. The mediation mode initiated by Yiwu has played an active role in establishing a trade system centered on integrity and the promotion of a harmonious local market.