(source: China Daily)

On September 5th, the Beijing Convention on the Judicial Sale of Ships was signed in Beijing. The International Seminar on the Beijing Convention on the Judicial Sale of Ships, co-hosted by the Supreme People's Court of China and the United Nations Commission on International Trade Law, and co-organized by the China Maritime Law Association and Dalian Maritime University, was held at the Beijing National Convention Center.

Fifteen States signed the Convention, which is aimed at solving cross-border recognition of judicial sale of ships, which helps protect the incentives of financial institutions in ship financing and promote the development of international shipping and trade.

Representatives from 34 countries and regions attended the ceremony, and 15 countries and regions, including China, Switzerland, Singapore, and Saudi Arabia, became the first signatories to the convention.