Shanghai moves to bolster financial openness

The Shanghai People’s High Court has recruited its first batch of 15 experts in international financial law to aid with the city’s development of local financial trials and business environment optimization.

Among the 15 experts are scholars, experts, and senior judges from around the world, including Douglas Arner, Kerry Holdings professor in law and co-founder of the Asian Institute of International Financial Law at the University of Hong Kong, Georges Affaki, professor of law at the University of Paris, France, and Lu Wenshan, vice president of China Futures Association.

The appointment ceremony was held during the International Symposium on the Rule of Law in Financial Regulation held in Shanghai on Thursday.

Ten speeches were delivered by experts from domestic and foreign judicial departments, scientific research institutions, universities, and the financial industry.

Legislation is crucial in regulating and supporting financial openness, said Liu Zhao, vice minister of the Ministry of Justice in China. According to Liu, the ministry, in cooperation with financial management departments, is promoting the formulation of financial laws and regulations and will strengthen supervision, law enforcement and other related areas.

Liu Guixiang, a member from the judicial committee of the Supreme People’s Court of China, pointed out that in light of the financial institutional openness in China and the deepening of capital market interconnection across the world, the court will establish and bolster judicial mechanisms, risk prevention mechanisms, and diversified financial dispute resolution mechanisms that are compatible with the financial environment.

“With the aim of building itself into an international financial hub, Shanghai has been participating in international financial governance and will build a financial regulation system in line with international standards for the sustainable development of global economy,” said Chen Mingbo, deputy secretary-general of the Shanghai government, at the symposium.