Financial court to start work by August
Print Edition
CHINA’S top legislature has approved the establishment of a specialized court in Shanghai — to be inaugurated by the end of August — to deal with finance-related cases.
The decision was adopted at the bimonthly session of the Standing Committee of the National People’s Congress, which ended on Friday.
The court, at the intermediate people’s court level, will be responsible for commercial cases such as those 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 People’s Congress. Judges will be selected from outstanding members of the legal sphere, including lawyers and law experts.
Lawmakers said setting up a special financial court could help to prevent major financial risks, protect national economic security, and provide legal support for financial activities.
President of the Supreme People’s Court Zhou Qiang said in a report to the NPC Standing Committee that the financial court would bolster the international influence of China’s financial justice, forestall financial risk, steer the financial sector to serve the real economy, and build Shanghai into an international financial center by 2020.
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