In recent years the People's Republic of China has experienced rapid economic growth, brought about in large measure by dramatic increases in foreign trade and investment. China's adoption of an open door policy in the late 1970s also opened up its banking market to foreigners. As a result, there has been a sharp rise in the number of disputes between Chinese sovereign borrowers and foreign banks, making the availability of appropriate dispute resolution mechanisms for foreign banks a critical factor in the expansion of international finance in China.