Shanghai plans to set up financial court

SHANGHAI - China is planning to launch a court in Shanghai to deal with cases related to financial disputes as part of its efforts to improve the judicial system and ensure financial stability.

The central committee for deepening overall reform approved a plan to set up the court at a meeting on Wednesday.

According to the meeting, the court will focus specifically on financial case trials and contribute to a more just, efficient and authoritative trial system.

Guo Weiqing, deputy head of Shanghai High People's Court, said the court will help improve China's international influence in terms of financial justice.

The court will help strengthen supervision over financial markets and help prevent financial crisis, he said.

According to the law, the Supreme People's Court shall submit the motion proposing the establishment of the court to the National People's Congress (NPC). Establishment of the court will begin after authorization by the NPC.