China Launches First Financial Court In Shanghai

China's first court specializing in handling finance-related cases has opened in the country's financial hub of Shanghai

SHANGHAI, (UrduPoint / Pakistan Point News - 21st Aug, 2018 ) :China's first court specializing in handling finance-related cases has opened in the country's financial hub of Shanghai.

The Shanghai Financial Court will be responsible for commercial cases such as disputes involving securities, futures, insurance, bills and financial lending, according to a document by the Supreme People's Court earlier this month.

It will also deal with bankruptcy cases where financial institutions are the debtors and administrative cases with financial regulators as defendants.

The court will work to ensure that finance serves the real economy, curb financial risks and deepen financial reform, according to an official release from the Shanghai Financial Court.

China's top legislature had approved the establishment of the Shanghai Financial Court in April.