Shanghai gets China's first financial court

The Shanghai Financial Court, first of its kind in China, will settle in the city's Pudong New Area, Hang Yingwei, head of Pudong, announced at the 1st China Finance Talent Pudong Forum on May 21.

The decision to set up the Shanghai Financial Court was approved at the 2nd plenary session of the 13th NPC standing committee on April 27, another innovation in China's judicial system after the launch of the internet court and intellectual property court.

The financial court, expected to be inaugurated before the end of August, is important to judicial system reform and the continuous improvement process of the court system, according to Zhou Qiang, president of the Supreme People's Court.

The court will construct an expert-assisted system for financial trials, a financial case database and an information sharing system to prevent financial risks, an improved diversified resolution system to solve financial disputes, a finance-related judicial research system and a think tank. 

Zhang Hui, deputy director of Pudong financial service bureau, believed that the court will greatly improve the legal environment of the entire financial industry.