Court specializing in finance proposed to be established in Beijing

A recent draft decision is recommending that a court specializing in hearing finance-related lawsuits be set up in Beijing.

The draft decision on building the Beijing Financial Court was submitted to the Standing Committee of the National People's Congress, China's top legislature, for review on Wednesday.

"Establishing such a specialized court is important to improve our legal system in regards to handling financial disputes, preventing financial risks and promoting high-quality economic development in the city," said Zhou Qiang, president of the Supreme People's Court, the nation's top court. "It will also help the country increase its international influence in the global financial judiciary."

He made the remarks while explaining the draft to the legislature on Wednesday, noting "it's time for Beijing — which has headquarters of many international financial institutes and hosts most financial departments nationwide — to open such a court."

The city has been a witness to prosperity in the financial industry and also possesses the judicial talent and capacity to hear related cases, Zhou said.

There are currently 240 judges and 256 judicial assistants in the capital that are capable of handling finance-related disputes, and they have successfully solved several major and difficult financial cases in recent years, he added.

According to the draft, the specialized court would be an intermediate court, covering finance-related civil and administrative cases citywide including those related to securities, insurance and financial loan contracts.

Appeals against the court's rulings would need to be made to the Beijing High People's Court, it added.

China's efforts to improve the quality of financial case hearings and create a better business environment have been accelerated and intensified over the past few years.

In August 2018, the Shanghai Financial Court — the first of its kind in the country — was established, aiming to provide a better business environment for both domestic and foreign investors.