China sets up international mediation body in Hong Kong

It would help bring ”substantial” economic benefits and job opportunities and stimulate various sectors including hospitality and transport, Lee said.

Chinese Foreign Minister Wang Yi signed a convention setting up an international organisation for mediation in Hong Kong on Friday that Beijing hopes will be on par with the International Court of Justice and bolster the financial hub’s international credentials.

The inauguration comes amid growing geopolitical tensions which have been exacerbated by U.S. President Donald Trump’s global trade war and fuelled risks of a sharp worldwide economic downturn.

Escalating trade tensions between China and the U.S. have been a focal point for investors and markets in recent months, with the trade war leading to significant impacts on global commerce and supply chains.

The mediation body aims to cement Hong Kong’s presence as a top centre to resolve disputes between countries, leader John Lee said earlier this week, adding that it’s status would be on par with the International Court of Justice and the Permanent Court of Arbitration of the United Nations in The Hague.

It would help bring ”substantial” economic benefits and job opportunities and stimulate various sectors including hospitality and transport, Lee said.

Indonesia, Pakistan, Laos, Cambodia and Serbia are among the countries attending the ceremony. Representatives from 20 international bodies including the United Nations were also expected to join, public broadcaster RTHK said.