NPC deputy suggests founding of a financial court in Shenzhen
The second plenary meeting of the fourth session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) is held at the Great Hall of the People in Beijing, capital of China, March 7, 2021. [Xinhua]
During the fourth annual session of the 13th National People's Congress (NPC), the country’s top legislature, held in Beijing, Liu Xinhua, deputy director of the NPC’s Financial and Economic Affairs Commission, suggested setting up a special financial court in Shenzhen to strengthen the judicial guarantee for capital markets, and improve legal environment in the financial sector.
As of the end of February, a total of 232 companies have been listed on the stock exchange science and technology innovation board, with a market value of 3.5 trillion yuan ($536.2 billion), and 86 companies have been listed in the growth enterprise market, with a total value of 1.2 trillion yuan.
Approved by the NPC Standing Committee, financial courts have been founded in Shanghai and Beijing respectively, which has effectively boosted the professionalism in judgments made in judicial cases in the two cities.
As the capital market now faces more disputes that involve large sums and even threaten national financial security and social stability, Liu suggested the country should further strengthen the construction of its judicial and law-enforcement system covering the security market.
This is why he is proposing a new financial court should be set up in Shenzhen, as a vital financial hub city, so as to ease the burdens on the intermediate people’s court of the city as financial disputes are more and more complicated and thus need settlement by a specialized professional court.
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