Justice is served
A session on improving legal environment for business was held in the city over the weekend for legal experts from the city and other provinces to discuss starting businesses, credit, medium and small investor protection, contract performance and bankruptcy.
Lu Wendao, deputy general manager of the Shanghai Stock Exchange, called for implementation of the securities law amendment and accelerated amendment of the criminal law to give tougher civil and criminal punishment on fraudulent issue of stocks and false statement to protect the rights of medium and small investors.
A joint amendment on corporation law is also required for commercial environment improvement, Lu said at the parallel forum of medium and small investor protection.
He thought a civil litigation system in accordance with stock registration reform should be supported with a group litigation system trialed for class actions. The system should also return illegal gains to the victims.
At another parallel forum about bankruptcy, more than 60 professionals from the Supreme People's Court, courts of Beijing, Zhejiang, Shenzhen and Shanghai analyzed the challenges to the judicial system on policies and social cooperation on bankruptcy cases.