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November 13, 2020

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Huangpu to better protect foreign firms’ legal rights

Huangpu District aims to create an open and transparent legal system to safeguard foreign investment in the city, its top official said yesterday.

The downtown district will further enhance intellectual property rights protection, crack down on illegal businesses and protect the legal rights of foreign companies, Gao Yun, Party secretary of Huangpu, told the 10th Bund Financial Law Forum.

Huangpu aims to create Shanghai’s best business environment, safeguarded by a complete legal system within three years, according to the district government.

Huangpu will explore communication and cooperation in financial judicial practices involving foreign companies with the support of the district’s financial court, prosecutor’s office and the Shanghai Financial Court based in Huangpu.

A business dispute resolving system will be established in the district to protect the legal rights of business operators while the Bund financial arbitration center will help develop a complete financial risk alert, prevention and resolving system.

Hundreds of professionals from the financial and legal sectors attended the forum, which, this year, focused on the new financial and legal system under the current micro economic situation.

Officials and experts, including Tu Guangshao, executive director of the Shanghai Advanced Institute of Finance, and Fan Gang, vice president of the China Society of Economic Reform, shared opinions on topics such as how to enhance the legal protection standard to safeguard the opening up of the financial sector.

The annual forum was launched in the district in 2011 to encourage communication between the financial and legal industries.

Huangpu has attracted 650 licensed financial companies and nearly 1,500 financial institutions. In 2019, a total of 163 new overseas investment projects worth around US$1.5 billion were signed in the district.


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