Qingdao FTZ opens one-stop financial dispute resolution platform

An opening ceremony for the Qingdao Financial Dispute Mediation Center Qingdao FTZ Workstation is held on Sept 21. [Photo/WeChat ID: qingdaozimao]

In a bid to further improve the business environment, the China (Shandong) Pilot Free Trade Zone Qingdao Area, or Qingdao FTZ, opened the Qingdao Financial Dispute Mediation Center Qingdao FTZ Workstation on Sept 21.

The workstation will serve as a one-stop financial dispute resolution platform to provide enterprises in Qingdao FTZ with financial knowledge popularization, financial dispute consultations and mediation services, and will help to create a market-oriented, law-based, internationalized and convenient business environment in the area.

It was established by Qingdao FTZ and the Qingdao Financial Consumer Rights Protection Association, also known as the Qingdao Municipal People's Mediation Committee for Financial Consumer Disputes, with the support of the Qingdao Central Sub-branch of the People's Bank of China.

Since the establishment of Qingdao FTZ, nearly 5,000 new market entities have been added every year. The area is now home to nearly 45,000 market entities, most of which are micro, small and medium-sized enterprises.

In the face of the complex financial market environment, most of micro, small and medium-sized enterprises are in weak positions to handle financial disputes and financial lawsuits and face problems such as long dispute resolution times and difficulty obtaining litigation enforcement.

The workstation will help solve the aforementioned problems. It is expected to play an important role in resolving economic disputes and optimizing the financial environment in Qingdao FTZ, and provide a strong judicial guarantee for creating a law-based business environment in the area.