China signed a convention on Friday setting up an international organization for mediation in Hong Kong that Beijing hopes will be on par with the International Court of Justice and bolster the city's international credentials.
The move comes amid growing geopolitical tensions that have been exacerbated by U.S. President Donald Trump's global trade war and fueled risks of a sharp worldwide economic downturn.
Escalating trade tensions between China and the U.S. have been a focal point for investors and markets in recent months, with the trade war leading to significant impacts on global commerce and supply chains.
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