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China to Set up Beijing Financial Court - China Legal News

Sun, 07 Feb 2021
Categories: China Legal Trends

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In January 2021, the Decision on Establishing the Beijing Financial Court was adopted by the NPC Standing Committee. Following Shanghai Financial Court, Beijing Financial court becomes the second of its kind in China.

On the morning of Jan. 22, the Decision on Establishing the Beijing Financial Court (the Decision, 关于在北京设立金融法院的决定) was adopted at the 25th Session of the Standing Committee of the 13th National People's Congress.

Pursuant to the Decision, the institutional setup of tribunals in Beijing Financial Court is to be decided by the Supreme People’s Court (SPC), based on the types and the number of financial cases.

Following Shanghai Financial Court established in 2018, Beijing Financial court will be the second of its kind in China.

Beijing Financial Court is a specialized court at the same level as other intermediate courts in Beijing.

Beijing Financial court has special jurisdiction over financial civil and commercial cases and financial administrative cases that should be under the jurisdiction of the intermediate court in Beijing. Any appeal filed by a party against a first-instance judgment or order made by the Beijing Financial court shall be heard by Beijing High People's court.

SPC will issue relevant judicial interpretations to further clarify the jurisdiction of Beijing Financial court.

Justice Zhou Qiang (周强), President of the SPC, said that the establishment of Beijing Financial court has the following functions:

(1) to improve the financial trial system of Chinese courts;

(2) to prevent and resolve systemic financial risks;

(3) to promote the development of Beijing’s economy in high quality; and

(4) to increase the international influence and voice of China's judicature in finance sector.

Contributors: Yanru Chen 陈彦茹

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