THE TRENDS OF ARBITRATION REFORM IN CHINA
The article analyzes the changes regarding arbitration in China. First of all, this concerns recent decisions of the Supreme People’s Court, explaining the rules for applying the provisions of the law on arbitration, as well as generalizing the practice of recognizing and enforcing arbitral awards. The provisions of the Supreme People’s Court relating to the recognition and enforcement of arbitral awards, their challenging in people's courts, and the prohibition of «preliminary arbitral awards» are analyzed. It should be noted that China’s desire to become a world arbitration center is realized by creating the necessary relatively liberal conditions for the arbitration procedure for resolving disputes, which in practice creates a number of difficulties that must be overcome by making quick and clear decisions [5].