China: Shanghai Financial Court to Be Established

(May 14, 2018) On April 27, 2018, the National People’s Congress Standing Committee (NPCSC) passed a decision to establish a specialized financial court in Shanghai called the Shanghai Financial Court. The decision took effect on April 28, 2018. (Quanguo Renmin Daibiao Dahui Changwuweiyuanhui Guanyu Sheli Shanghai Jinrong Fayuan de Jueding [NPCSC Decision on Establishing the Shanghai Financial Court] (Apr. 27, 2018), NPC website.)

The newly created financial court will have the status of an intermediate court. According to the decision, the court will handle civil and commercial financial cases and finance-related administrative cases that were previously under the jurisdiction of the intermediate courts in Shanghai. Appeals against the judgments of the Shanghai Financial Court will be heard by the Shanghai Higher People’s Court. The Supreme People’s Court is expected to issue detailed rules regarding the new financial court’s jurisdiction. (Id.)

The Shanghai Financial Court is scheduled to begin operating by the end of August of this year. In explaining the bill on establishing the specialized financial court, the President of the Supreme People’s Court said the Shanghai Financial Court would enhance the international influence of China’s financial judicial system and help to build Shanghai into an international financial center. Setting up the specialized financial court is also expected to “help prevent major financial risks, protect national economic security, and provide legal support for financial activities,” according to the official Xinhua News Agency. (China to Launch Shanghai Financial Court by End-August, XINHUA (Apr. 28, 2018).)

Source: New feed

Related Posts

Leave A Reply