New financial court to be set up in Shanghai

Source: Xinhua | 2018-04-26

China is considering setting up a financial court in Shanghai to deal with finance-related commercial and administrative cases in the city.

The draft decision on the establishment of Shanghai Financial Court was submitted to the Standing Committee of the National People’s Congress yesterday.

Briefing the lawmakers, the president of the Supreme People’s Court, Zhou Qiang, said the court would be good to bolster the global influence of China’s financial justice to forestall financial risk and steer the financial sector to serve the real economy, and to build the city into an international financial center by 2020.

The court, at the intermediate people’s court level, will be responsible for commercial cases involving securities, bills, financial lending and administrative cases.

The leadership of the court, as well as the judges, will be appointed by the Standing Committee of Shanghai Municipal People’s Congress.

The judges will be selected from outstanding members of the legal fraternity, including lawyers and law experts.