Govt plans financial court in Shanghai
China is mulling to set up a financial court in Shanghai to effectively handle a rise of disputes and to provide a better business environment for investors from home and abroad, a draft said.
The draft was submitted to the bimonthly session of the country's top legislature, the Standing Committee of the National People's Congress, for reading on Wednesday.
The court will be the one at intermediate level, focusing on a series of civil and administrative disputes relating to finance, including loans, insurances, securities and those against financial authorities, the draft said.
Shanghai was selected to have the court, "as the city has seen a sharp rise of financial cases in recent years and has many financial institutes," said Zhou Qiang, president of the Supreme People's Court, who introduced the draft on Wednesday.
He added the court's building will not only help the city improve quality and efficiency in hearing financial cases, but also contribute the country to studying how to provide a better business and investment environment.
- Chinese PLA navy to celebrate 75th founding anniversary with series of events
- Student detained on suspicion of the death of his roommate
- Smart teaching system launched for international Chinese learning
- Shanghai prepares to open parks 24 hours a day
- Action taken over Chongqing Gas Group overcharging
- Xi: Crucial role for new PLA force