China launches first financial court in Shanghai

China's first court specializing in handling finance-related cases opened Monday in the country's financial hub of Shanghai.

China's first court specializing in handling finance-related cases opens in Shanghai on Monday, August 20, 2018. [Photo: Shanghai Observer]

The Shanghai Financial Court will be responsible for commercial cases such as disputes involving securities, futures, insurance, bills and financial lending, according to a document by the Supreme People's Court earlier this month.

It will also deal with bankruptcy cases where financial institutions are the debtors and administrative cases with financial regulators as defendants, according to the document.

The court will work to ensure that finance serves the real economy, curb financial risks and deepen financial reform, according to an official release from the Shanghai Financial Court.

China's top legislature approved the establishment of the Shanghai Financial Court in April.

Last year, courts in Shanghai heard more than 179,000 finance-related cases. The number of such lawsuits in Shanghai grew by an average 51 percent year-on-year from 2013 to 2017.