China mulls establishing special financial court in Shanghai
BEIJING, April 25 (Xinhua) -- China is considering setting up a financial court in Shanghai to deal with finance-related commercial and administrative cases in the city.
The draft decision on the establishment of Shanghai Financial Court was submitted to the Standing Committee of the National People's Congress on Wednesday.
Briefing the lawmakers, President of the Supreme People's Court Zhou Qiang said the court would be good to bolster the international influence of China's financial justice, to forestall financial risk and steer the financial sector to serve the real economy, and to build Shanghai into an international financial center by 2020.
The court, at the intermediate people's court level, will be responsible for commercial cases involving securities, bills, financial lending and administrative cases.
The leadership of the court, as well as the judges, will be appointed by the Standing Committee of Shanghai Municipal People's Congress.
The judges will be selected from outstanding members of the legal sphere, including lawyers and law experts.
The court will improve the practice of hiring financial experts to assist in trials and set up a database for financial cases, and a system to share information on financial risk.