November 23, 2017

Pudong court issues a white paper on financial and commercial trials in FTZ

Pudong New Area People’s Court issued a white paper on November 15 regarding Financial and Commercial Justice Court Trials (2013-2017) in Shanghai Free Trade Zone

From November 2013 to October 2017, Pudong New Area People’s Court had handled 43,189 financial and commercial cases, closed 42,921 cases. Financial loan disputes and credit cards’ dispute account for respectively 48.98 percent and 44.15 percent of the total cases.

According to the document, the number of financial and commercial cases were on the rise from 26 cases in 2013 to 17,442 cases in 2017, as more and more financial institutions have moved into the FTZ. However, the growth rate has gradually become stabilized, reflecting the judicial system’s positive effect on the zone’s financial stability.

The court introduced a new trial mechanism in July this year to enhance the collaboration among financial and commercial, criminal, and administrative courts. Now, all such cases will be handled by financial courts to streamline and improve the authority and professionalism of financial trials.

In 2017, the court has handled 35,334 financial cases, including 28,512 financial and commercial cases; 415 financial criminal cases and 70 financial administrative cases.