White Paper Issued on Strengthening the Legal Environment for Shanghai’s Finance Sector
Aug.10 – The Shanghai Financial Service Office and Shanghai Legislative Affairs Office jointly issued the “White Paper on Constructing the Legal Environment for Shanghai as an International Finance Centre (hereinafter referred to as the ‘Paper’)” on August 7. This publication is the first of its kind to be published nationally.
According to the Paper, Shanghai has been improving its legal system with respect to its finance sector in recent years, and has made significant progress in building the credit, law enforcement, judicial, legal service and rule of law cultural environment for its finance sector.
Moreover, the Shanghai government has issued a number of corresponding rules and policy measures to promote the building of an international finance centre, including implementing state-issued documents, gathering financial institutions and attracting finance talents, and encouraging innovation in the finance industry.
Further, according to the Paper, Shanghai is spearheading the establishment of a relatively complete system in terms of financial judicial specialization. Specifically, 4 district courts have established third-level financial tribunals and 14 basic courts have set up financial collegial panels. In addition, financial arbitration institutions and financial mediation institutions in Shanghai provide another efficient means of dispute resolution. The Financial Arbitration Court of Shanghai handled 450 cases last year.
The Paper expects that cooperation between the financial law enforcement and judicial departments will effectively combat financial crimes and maintain stability in the finance sector.
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