China to auction nationwide litigation assets online

Chongqing (CNS) -- A national website (http://www.sszc.com.cn/) to execute online litigation assets auctions has been launched, based on the municipal version of Chongqing in southwest China, according to a national meeting of the court system on judicial auction reform held on Wednesday.

Shen Deyong, executive vice-president of China's Supreme People's Court addressed the conference concerning this step, stressing it is meant to carry out national judicial auction reform by maximizing the value of litigation assets through market means.

Potential buyers can bid for the items by viewing information released online, signing up for the auction, selecting an auction agency, biding online, and even paying through e-channels.

The marketization process will be boosted by official monitoring to avoid impropriety within the justice system, Shen declared.