Joint Cooperation Agreement Between CCPIT and HK Judiciary

In a recent talk hosted by the Hong Kong International Arbitration Center, the Secretary for Justice of Hong Kong, Mr. Wong Yang Lun, announced that on October 25, the Hong Kong Judiciary signed a Co-operation Arrangement with the Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), the body that oversees the China International Economic and Trade Arbitration Commission (CIETAC). According to the Secretary for Justice, “one of the aims of the Arrangement is to strengthen the co-operation between the arbitration and mediation bodies based in Hong Kong such as the HKIAC and their counterparts in the Mainland such as CIETAC.”  He shared that “this arrangement is yet another confirmation of the role of Hong Kong in providing legal services for and fostering legal cooperation with the Mainland as she continues to march into the global economy.”

New Arbitration Ordinance in Hong Kong Provides for Med-Arb

The Secretary for Justice in Hong Kong, Mr. Wong Yang Lun, recently announced the promulgation of the new Arbitration Ordinance in Hong Kong at a recent talk held at the ICC offices in November.  He noted that the Ordinance, which draws on the UN Model Law on International Commercial Arbitration, also permits arbitrators to act as mediators prior to or following an arbitration, provided that all parties agree.   Section 32 covers the appointment of mediators in an arbitration agreement. It provides that “no objection can be made against an arbitrator solely on the basis that the same person had acted previously as a mediator in the dispute.”  Similarly, Section 33 provides that an arbitrator “may act as a mediator after the arbitration has commenced provided all parties consent in writing.”

Reward Outperforms Punishment in Repeated Public Goods Games

In a recent study published by the online journal Science, researchers found that “reward outperforms punishment in repeated public goods games and that human cooperation in such repeated settings is best supported by positive interactions with others.” This study was conducted through the use of a lab experiment comparing the use of punishment, reward, or both in public goods games. The researchers found that in repeated games, in which player identities persist from round to round, reward is as effective as punishment for “maintaining public cooperation and leads to higher total earnings.” Moreover, when “both options are available, reward leads to increased contributions and payoff, whereas punishment has no effect on contributions and leads to lower payoff.”