Beijing financial court strengthens support for private businesses

The Beijing Financial Court has intensified efforts to promote the development of private businesses over the past three years by adhering to the principle of equal protection for all entities, aiming to boost market confidence among private entrepreneurs.

Data released on Thursday revealed that since the court's inception in March 2021, approximately 50 percent of its cases have involved private businesses. These cases primarily concern financial loan contracts, financial leasing contracts, bills, and asset management contracts.

"We've also formulated legal documents and provided judicial suggestions to help regulate the operation of private enterprises," Xue Feng, vice-president of the court, said at a news conference, emphasizing the court's commitment to equally protect all market entities, whether state-owned or private.

In addition to equal protection, the court has implemented more efficient and diverse methods for resolving cases involving private companies. "We strive to minimize the impact of disputes on the normal business operations of enterprises and maintain their stability," Xue said.

The court has collaborated with financial supervision departments and industrial associations to mediate cases, establishing a financial mediation think tank. In July 2022, it partnered with the Beijing Federation of Industry and Commerce to create a specialized office aimed at optimizing the business environment. This collaboration led to the establishment of a mediation center in April, providing high-quality legal services for private enterprises.

On Thursday, the court issued 12 influential cases involving private businesses, demonstrating its determination and capability to support corporate innovation and reduce litigation costs.

Located in the capital's Xicheng district, the court was established to enhance financial supervision, support financial reforms, prevent financial risks, improve the handling of monetary disputes, and increase the Chinese judiciary's international influence.

As an intermediate-level court, it mainly handles finance-related civil and administrative disputes in Beijing, including those involving securities, insurance, bank cards, and financial loan contracts. Appeals against its rulings must be made to the high court.