Busy workload for special financial court
By Zhang Fengming |
October 14, 2010, Thursday
|
Print Edition
Print Edition
A court in Shanghai specialized in hearing disputes between consumers and financial institutions has heard more than 10,000 cases since it opened nearly two years ago.
Since it started hearing such cases in November 2008, the Shanghai Pudong New Area People's Court has heard 10,109 cases with a combined value of 1.91 billion yuan (US$282 million), the court said yesterday.
"Pudong, as the financial heart of Shanghai, is seeing more financial cases as the market continues to grow," said Ding Shouxing, director of the Pudong court.
The industry in Pudong, home to China's bigger stock exchange, gold and foreign markets and the major metals futures bourse, accounted for 17 percent of the district's output or 44 percent of the city's total financial sector.
There have been a rise in disputes on wealth management products or credit between consumers and overseas banks because these lenders have unveiled retail products that ordinary consumers found hard to understand, the court said.
Jiang Mingkang, deputy head of the Shanghai bureau of the China Banking Regulatory Commission, said that sometimes overseas banks overlooked the disclosure clauses and gave superficial explanation on the product risks to consumers.
Such disputes emerged during the global financial crisis when consumers found out that their investment in the products linked to overseas assets eroded.
Since it started hearing such cases in November 2008, the Shanghai Pudong New Area People's Court has heard 10,109 cases with a combined value of 1.91 billion yuan (US$282 million), the court said yesterday.
"Pudong, as the financial heart of Shanghai, is seeing more financial cases as the market continues to grow," said Ding Shouxing, director of the Pudong court.
The industry in Pudong, home to China's bigger stock exchange, gold and foreign markets and the major metals futures bourse, accounted for 17 percent of the district's output or 44 percent of the city's total financial sector.
There have been a rise in disputes on wealth management products or credit between consumers and overseas banks because these lenders have unveiled retail products that ordinary consumers found hard to understand, the court said.
Jiang Mingkang, deputy head of the Shanghai bureau of the China Banking Regulatory Commission, said that sometimes overseas banks overlooked the disclosure clauses and gave superficial explanation on the product risks to consumers.
Such disputes emerged during the global financial crisis when consumers found out that their investment in the products linked to overseas assets eroded.
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