China’s top court has hailed a mediated resolution to an international shipbuilding dispute as a landmark example of the country’s anti-sanctions law working to protect domestic industry.
“Its ruling’s principles demonstrate China’s firm commitment to safeguarding the multilateral trading system and offer judicial insight towards building a fair and equitable international economic order,” the court said.
The case centred on a 2023 subcontract between an unnamed Chinese company based in Shandong and a Swiss marine equipment firm.
The Swiss firm contracted the Chinese company to build modules for a floating production, storage and offloading vessel used to process, store and transfer oil at sea.
The contract was valued at US$19.45 million and the Swiss firm paid more than US$7 million in initial payments.