On The Construction Of China's Third-Party Funding In Arbitration

In recent years,third party funding has become a hot issue in internaional law.The Law Reform Commission of Hong Kong(LRC)launched a consultation paper about third party funding issues on 19 October 2015.On January 11,2017,the Arbitration Centre of Hong Kong has been set out to write the guidelines for third party funding at the Hong Kong council.On March 1,2017,the Singapore Civil Law 2017(Revised Edition)and its rules are officially entered into force,and the rules of the Civil Law 2017 have made comprehensive provisions on third party funding in litigation and arbitration.As the international legal and dispute resolution service centre in the Asia-Pacific Region,Singapore and Hong Kong have completed the leap from ambiguity to positive promotion in the treatment of third party funding.So far,however,China has not appear judicial information the case of third party funding in public,but the third party funding did notviolate the law in China,and it's necessary and feasible that the third party funding must be spread in China in the future.Arbitration has the characteristics of distinguishing from other dispute resolution,such as confidentiality,independence,and the enforceability of the award in the international area.The intervention of third-party funding model may affect the arbitration procedure,and how to deal with these challenges should be the problem that the international arbitration urgently needs to solve.The third party funding model has been developed in Australia,the United States,the United Kingdom and other countries.The International Center for Settlement of Investment Disputes(ICSID)has also had a number of cases in the third party funding arbitration.Different countries and regions have different attitudes toward third party funding,and have various measure to cope with the impact of third party funding for arbitration.It is of practical significance to build a third-party financing arbitration system in our country by collecting and sorting up the foreign experience.The purpose of this paper is to settle the conflict between third party fuding mode and the arbitration practice.Using empirical analysis and normative analysis,through summarizing the experience outside of our country,to build the revelation of the arbitration system third party funding.This paper proposes an idea of revising the arbitration law and the rules of arbitration,the market supervision and self-regulation of the sponsor.This paper puts forward some innovative viewpoints,such as strict confidentiality obligation,voluntary disclosure obligation,reasonable burden of arbitration fees,reasonable consideration of cost guarantee and establishment of market access system for financing industry.