New financial court receives 728 cases involving 10.3 billion yuan in first month
Court officials receive people who come to file financial cases
Shanghai Financial Court, China’s first to specialize exclusively in finance cases, has received 728 cases involving 10.3 billion yuan (US$1.5 billion) in its first month of operation, the court said Friday.
From August 21 to today, the court, at 209 Fuzhou Road, has accepted 728 financial disputes in categories including fake statements, lending contracts, bond exchange and others.
Of them, a 118 million yuan lending dispute, received on its opening day, has been successfully solved through online meditation, with the help of the local banking industry meditation center. It highlights the strong backing from local financial institutes of the newly-opened court.
The court, at the same level as an intermediate people’s court, was established to support the city’s efforts to become a leading global financial center. It handles complicated civil cases involving huge sums of money.
