15 Apr 2019
The Shanghai Financial Court, which is the country’s first-ever court specialising in the handling of finance-related cases, has already accepted almost 2,900 cases since opening in August 2018.
The total amount of claims has already exceeded 40 billion yuan, which equates to approximately 6 billion U.S. dollars.
The court’s vice president, Xiao Kai, unveiled this figure at a symposium on globalization, peaceful development of China and major transnational litigation held in Shanghai.
As Xinhua Net reports, Xiao revealed that the cases were mainly related to disputes involving securities, financial borrowing contracts, corporate bond trading, financial lease contracts and business trust.
He said: "On the one hand, the court needs to resolve a large number of cases involving financial disputes; on the other hand, it needs to truly play the role of financial trial by making 'great judgments' on the first, complex and typical cases, so as to stabilize market expectations and enhance the market order and rule.”
When speaking at the symposium, William Blair, being the former commercial court judge of the High Court of England and Wales, said that the Shanghai Financial Court will contribute significantly, seeing as it specialises in its sector.
"This will help contribute to financial stability and will make Chinese financial law better understood worldwide," he said.