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July 31, 2020

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Court unveils 15 measures for Lingang

The Shanghai Financial Court issued 15 measures, including jurisdiction of transnational financial cases, technology and talent, to support the development of the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone yesterday.

More trade and cooperation between home and abroad will be seen in Lingang, which will increase transnational financial disputes and may fuel new financial problems, Zhao Hong, president of the court, said.

Under the new measures, litigants can choose the international court or domestic court to deal with financial disputes. But if transnational disputes affected domestic customers’ and investors’ rights and interests, the city’s court would be assigned the case.

Different regulations will be released for new financial issues. Zhao said the new regulations are being discussed by the Shanghai branch of the People’s Bank of China, adding that based on international treaty and practice, Shanghai aims to establish a special regulation that conforms to the country’s national conditions.

She also said a group including experts in financial law, professors and professional members from the court is in charge of solving new issues.

Zhao revealed that cases in Chinese and English translated by the court’s translation group, named “Yiyanshe,” will be published on its website for both domestic and international investors.

More technologies, including artificial intelligence, big data and blockchain, will be used for justice, she added.




 

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