China setting up Shanghai Financial Court

The Chinese government announced the establishment of the Shanghai Financial Court on April 25, 2018.The establishment is of great significance to the Chinese government.It mainly reflects the following aspects:

1. It is conducive to enhance the international influence of China's financial judicature.By setting up a Shanghai Financial Court, it is to establish and improve financial mechanism of judicial system with Chinese characteristics, help to raise China’s financial status and role in the rule making process of financial transaction worldwide, and build better international environment for the transformation and upgrading of China's economy and "the Belt and Road Initiative" .

2. It is conducive to deepen the implementation of the national financial strategy. Setting up Shanghai Financial Court to implement centralized financial case jurisdiction, which is not only beneficial to safeguard financial reform smoothly in accordance with the law, guide the financial industry, provide service to the real economy, but also good to cooperation between the court and the financial regulators in China to strengthen market supervision, safeguard financial security, and hold the bottom line of no systemic financial risk.

3. It is conducive to the development and construction of Shanghai international financial center. In recent years, the number of financial cases in Shanghai has increased rapidly, with an average annual increase of 51% between 2013 and 2017. In 2017, the number of cases of financial and commercial affairs in the first instance has reached 179,000.

Shanghai Nuo Di Law Firm