This Report refers to the “Shanghai Financial Court’s Report on Trial Work (2018-2023)” (hereinafter the “Report”, 上海金融法院审判工作情况通报(2018-2023年)), which was published in August 2023.
The Shanghai Financial Court was established in 2018 and primarily handles local financial civil and administrative cases. Given Shanghai’s status as China’s international financial center, the cases handled by this court are representative.
According to the Report, since its establishment, the Shanghai Financial Court has received a total of 41,077 financial cases and concluded 39,594 of them.
The total amount involved in cases accepted by the Shanghai Financial Court amounted to CNY 1,111.227 billion (approx. USD 152.19 billion), with CNY 268.22 billion (approx. USD 36.74 billion) in 2022-2023.
The types of cases accepted by the Shanghai Financial Court cover all areas of finance, and the top five types in terms of case numbers are:
1. Securities misrepresentation liability disputes: 16,435 cases, involving a total amount of CNY 6.715 billion (approx. USD 919.7 million).
2. Financial loan contract disputes: 3,463 cases, involving a total amount of CNY 261.417 billion (approx. USD 35.8 billion).
3. Financial lease contract disputes: 2,423 cases, involving a total amount of CNY 43.410 billion (approx. USD 5.95 billion).
4. Bill recourse disputes: 1,525 cases, involving a total amount of CNY 3.815 billion (approx. USD 522.5 million).
5. Other contract disputes: 896 cases, involving a total amount of CNY 123.743 billion (approx. USD 16.95 billion).
In terms of the amount involved in cases, banking cases involved a larger amount in controversy, with a total amount of CNY 351.176 billion (approx. USD 48.1 billion), securities cases involved a total amount of CNY 72.697 billion (approx. USD 9.96 billion), and insurance cases involved a total amount of CNY 3.183 billion (approx. USD 435.9 million).
Photo by EJ Wolfson on Unsplash
Contributors: CJO Staff Contributors Team
