China will ramp up exchanges and cooperation with arbitration institutions in other countries to boost the international competitiveness and credibility of its arbitration, according to a draft legislative document.

The draft revision to the Arbitration Law is being further reviewed by Chinese lawmakers after it was submitted to the ongoing session of the Standing Committee of the National People's Congress, China's top legislature, on Sunday.

While supporting domestic arbitration commissions in strengthening cooperation with overseas institutions, the draft amendment also encourages them to actively participate in the marking of arbitration international rules.

It states that, with the consent of the parties involved, arbitration proceedings can be conducted online, which have the same legal effect as those conducted offline.

Additionally, arbitration commissions should establish a system to promptly disclose their information to public, including those on arbitration rules, service procedures, annual work reports and financial budgets, for transparent public supervision, it added.

This is the second review of the draft revision that aims to serve the country's high-quality development and high-level opening-up. It was first deliberated by Chinese lawmakers in November.