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China Clarifies Jurisdiction of Chengdu-Chongqing Financial Court—China’s Third Financial Court

Mon, 09 Jan 2023
Categories: China Legal Trends

On 20 Dec. 2022, China’s Supreme People’s Court released the “Provisions on Case Jurisdiction of the Chengdu-Chongqing Financial Court” (关于成渝金融法院案件管辖的规定) to clarify this court’s scope of jurisdiction.

As of 2022, China has established three financial courts: the Shanghai Financial Court, the Beijing Financial Court, and the Chengdu-Chongqing Financial Court.

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The Shanghai Financial Court and Beijing Financial Court mainly accept local financial cases, while the Chengdu-Chongqing Financial Court has jurisdiction over both Chongqing and Chengdu, the two largest cities in southwest China.

Cases under the jurisdiction of the Chengdu-Chongqing Financial Court include:

  • Local financial cases: financial civil and commercial cases of first instance and finance-related administrative cases of first instance which shall be under the jurisdiction of intermediate people’s courts in Chongqing Municipality and Sichuan Province within the Chengdu-Chongqing Economic Circle;
  • Foreign-related financial cases: lawsuits initiated by domestic investors on the grounds that securities issuance and trading activities or futures and derivatives trading activities outside China have harmed their legitimate rights and interests, or on the grounds that the financial products sold or the financial services provided by overseas financial institutions have harmed their legitimate rights and interests.

 

Cover Photo by Hu Chen on Unsplash

Contributors: CJO Staff Contributors Team

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