HAIKOU, July 29 (Xinhua) -- An international arbitration court was launched on Sunday in the southern-most island province of Hainan.

The Hainan Court of International Arbitration, the second after Shenzhen, came three and a half months after a decision to develop Hainan as a free trade zone.

Shi Wen, head of the Hainan Arbitration Commission, said that no less than one third of the court's council members would be from overseas, to win confidence in the independence and fairness of the institution.

The court in Hainan will establish two centers, one for maritime arbitration and the other for financial arbitration.

The two centers will help promote sea trade and maritime resources development and utilization and tackle financial disputes and risks, Shi said.