Beijing Financial Court expedites resolution of financial disputes

The Beijing Financial Court has emerged as a key player in resolving financial disputes efficiently, according to data released on Monday by the court itself.

Established in March 2021, the court has concluded over 20,228 financial cases by Feb 29, out of a total of 21,925 cases handled. These cases involved a staggering sum exceeding 800 billion yuan ($111 billion).

The data indicates a strong focus on civil lawsuits within the financial sector, with 16,447 cases encompassing areas like banking, insurance, and securities. Notably, 678 cases involved overseas litigants from 31 different countries and regions.

This specialized court, located in Beijing's Xicheng district, is the second of its kind in China. Its creation in 2021 aimed to foster a sound financial environment and promote healthy economic development. The first financial court was established in Shanghai in 2018.

President of the Beijing Financial Court, Zhang Wen, highlighted efforts to enhance public access to justice. The court has made various litigation services and verdicts available online to raise public awareness of legal and financial matters, while simultaneously improving judicial efficiency.

Zhang further elaborated on the launch of an online platform specifically designed to address frequently asked questions related to securities lawsuits, a significant portion of the caseload.

Collaboration with financial institutions, including regulatory bodies, has also been prioritized. This collaboration focuses on mitigating financial risks and conducting joint research on emerging financial sector issues.

Investing in talent development for financial case hearings is another key initiative, according to Zhang. This focus on professional expertise is designed to further streamline the court's dispute resolution process.