New court sets up mediation center

To encourage people to reach out-of-court settlements, Shanghai Financial Court has set up an in-house mediation center.

Meditation is an effective and efficient way to resolve financial disputes, according to the bank, and five financial industrial associations in banking, securities, insurance and other fields have agreed to offer mediation services, together with legal experts.

The move indicates closer ties between the newly established court and local financial players, and the court will deepen relations with them by sharing information, reaching further cooperation and together improving the local financial environment, according to court president Zhao Hong.

It also greatly supports the city’s development in becoming an international financial center, she added.