China to launch Shanghai financial court by end-August

Updated 2018-04-28 09:11:10 Xinhua

China's top legislature has approved the establishment of a specialized court in Shanghai to deal with finance-related cases.

The decision was adopted at the bimonthly session of the Standing Committee of the National People's Congress (NPC), which ended Friday.

"The court will be inaugurated by the end of August," said Lin Wenxue, official with the Supreme People's Court, at a press conference.

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 Municipal People's Congress.

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

Lawmakers on Thursday's panel agreed that setting up a special financial court could help 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 on Wednesday that the financial court would be 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.

Last year, courts in Shanghai heard more than 179,000 finance-related cases in first instance. The number of such lawsuits in Shanghai grew by an average 51 percent year-on-year from 2013 to 2017, according to Zhou.

The creation of Shanghai financial court will enrich China's expanding family of special courts.

Besides the long-existing military courts, China set up intellectual property protection courts in three big cities in 2014 and an Internet court in the city of Hangzhou in 2017.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 17 2018 19:44:52

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 17 2018 19:44:52

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 17 2018 19:44:52

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords