(ECNS) -- China will set up a financial court in Shanghai to handle finance-related lawsuits referred by the Supreme People's Court, according to a draft decision submitted to the Standing Committee of the 13th National People's Congress.
Zhou Qiang, president of the Supreme People's Court, said the proposed court will increase the international influence of China's financial laws and support economic transformation as well as the "Belt and Road Initiative".
The court can help implement the country's financial strategy, provide legal guarantees to financial reform, drive financial industries to better serve the real economy and ward off financial risks, according to Zhou.
It was said that the court would boost Shanghai's ambitions as a global financial hub with the number of financial cases here has risen rapidly in recent years.
The new intermediate level court will focus on a range of civil and administrative cases related to finance, including loans, insurance, securities and legal proceedings against financial authorities, the draft said.
Zhou also said the court will draw strength from financial experts in delivering judgment and address disputes through multiple approaches as well as building an information sharing mechanism on financial risk.
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