At 14:00 on December 9, the crisp sound of the gavel was struck for the first time in Suzhou International Commercial Tribunal.The SICT successfully mediated the first case presided by Xu Qingyu, President of Suzhou Intermediate People's Court, serving as the presiding judge.

The case was a loan contract dispute between plaintiff Korea Eximbank and respondent Changshu Guangcheng Electronics Co., Ltd. In June 2011, the two parties signed a loan agreement, stipulating that the plaintiff gives the respondent a US$2 million loan from an overseas financial institution. By May 2016, the respondent had repaid a total of $1 million in loans, and since then failed to fulfill the loan repayment obligations as scheduled. For this reason, the plaintiff took it to the tribunal and demanded the respondent repay the loan of US$1 million and corresponding interest. During the two-hour trial, both parties presented evidence and held cross-examinations, and fully expressed their opinions. Under the auspices of the tribunal, the two parties finally reached a mediation agreement: the respondent pays the plaintiff US$1 million and corresponding interest in two installments.

Xu said that the SICT will take the requirements of the “Belt and Road” construction, higher-level opening up and the development of the Suzhou Area of China (Jiangsu) Pilot Free Trade Zone into consideration, implement a boutique strategy for foreign-related commercial trials, and strive to provide inclusive, equal, convenient, efficient, intelligent and accurate judicial services for Chinese and foreign parties, and explore the establishment of a one-stop international commercial dispute settlement mechanism to provide stronger judicial guarantees for the construction of a new higher-level open economic system in the region.