Comparative Research On Some Issues Of Arbitration System Between China And Sri Lanka

As one of the revolution mechanisms in solving disputes, arbitration has a rapid development with the modern economy, which has the characters of professional,privacy,easy-executable and embody freedom of parties' will and stand out of all the dispute resolution mechanisms. The arbitration system has a long history which can be traced back to the ancient Romans. In 1697, the Britain established the arbitration system officially. Through several centuries, the arbitration system has a deep development and improvement, and become to be a international dispute resolution mechanism. In China, the arbitration system has a rapid development with the enforcement of the Arbitration Law. About 200 arbitration agencies were established in just ten years. But with the deep development of the economy, the arbitration system in China has already can not either match the market nor the development trend of international arbitration system.As a developed country in south-east of Asia, Sri Lanka has a superior legal system because it is the colony of the English once more. Now the war in this country has be stopped in 2009, the government become pay attention to the development on economy, all which make this country begin to be the focus of the foreign investment. The legal system in Sri Lanka was affected by the Common Law System, especially the arbitration system, which herby the advantages of the Common Law System and international arbitration form its own characteristics.Therefore, in this paperⅠwill compare the Sri Lanka with the China in arbitration system, and concern the trend of the international arbitration system. This article will be divided into four parts, the first part will expound the advantages of arbitration in modern dispute resolution mechanism compared the other systems; the second part will introduce development of arbitration legal system evolution and exploration in China and Sri Lanka, research the historical reasons about two countries form of the arbitration; The third part will focus on the two countries compare in specific arbitration system, such as the arbitration principles, the arbitration procedures and arbitration judicial supervision. Then found out the deficiencies of Chinese arbitration from that comparison; The last part contra pose that deficiencies from comparison, aimed at the problems existing in the Chinese arbitration system, puts forward specific countermeasures and advice to promote the modernization of our country arbitration system.