Court opinions support opening of financial sector

Twenty-four bilingual opinions were released by the Shanghai High People’s Court on Monday to support further opening-up of the financial sector.

The court suggested that judicial exchanges and cooperation in international finance should be carried out actively.

In order to study international financial rules and regulations, and construct a cohesive mechanism on international financial rules, Shanghai courts are working with the London Financial Court, said Zhu Changyun, an official with the city’s high court.

Zhu added that the local high court is also cooperating with the Shanghai Head Office of the People’s Bank of China and Fudan University to establish a specialized institute, which will focus on translating and studying related laws and cases.

The local courts will respect the rights of parties concerned in choosing dispute resolution methods, jurisdictions as well as applicable laws and regulations in accordance with the law, said Mao Ronghua, deputy head of the high court.

It will also promote the research and development of high technologies such as big data, blockchain and 5G to ensure fair competition in the fintech market and prevent and resolve cross-border financial risk.

The court issued six "classic" cases related to financial derivatives, enforcement of overseas judgments and cross-border insurances on Monday.

Zhu said such cases can provide a basis for adjudication and more cases will be published in the near future.