BEIJING, Sept. 6 -- China is making significant progress in building a credible and effective arbitration system, with 282 arbitration institutions established to date, according to Yang Xiangbin, an official of China's Ministry of Justice.

These institutions have so far handled over 5 million cases, involving a total value of more than 8 trillion yuan (about 1.13 trillion U.S. dollars) and parties from over 100 countries and regions, Yang told a press conference on Friday.

China is advancing a revision of its arbitration law to address current issues in the arbitration system, align it with advanced international rules, and enhance provisions related to foreign-related arbitration, according to Yang.

China is also making headway in the development of international commercial arbitration centers, the official said, noting that the eight arbitration institutions in the pilot areas for developing these centers handled a total of 79,000 cases with a value amount of 600 billion yuan in 2023.

China will put greater emphasis on enhancing the credibility of its arbitration system by improving the development and operational mechanisms of arbitration institutions and strengthening oversight of both institutions and personnel, according to Yang.