Financial court ‘should be set up in SZ’

Several national deputies from Shenzhen, led by Wang Jianjun, a deputy of the National People’s Congress (NPC) and general manager of Shenzhen Stock Exchange, have proposed to establish a financial court in Shenzhen during the national legislature, according to the Shenzhen Special Zone Daily.

The financial industry is one of Shenzhen’s major industries and an important source of government revenue. In 2018, Shenzhen’s tax revenue from the financial industry exceeded 130 billion yuan (US$19.39 billion), accounting for 22.37 percent of the total tax revenue. At present, there are 465 registered financial institutions in the city and the value of all security companies ranks second in the country, according to the report.

Additionally, new financial models have continued to emerge. For example, Internet finance has taken on a larger scale. There are over 10,000 P2P (peer to peer) online lending platforms in Shenzhen, which has posed new challenges in the judgment over financial cases, the report said.

Thus, the deputies suggested building a financial court to regulate the financial market more efficiently and provide necessary guidance to the market. Moreover, the court can play a role in creating a better business environment for the Guangdong-Hong Kong-Macao Greater Bay Area.

According to the report, Shenzhen Intermediate People’s Court has seen the largest volume of legal cases among all the other intermediate courts in China. “The establishment of a financial court thus can help alleviate the burdens on Shenzhen’s courts. It also follows a national trend of making financial judgment more professional,” said Wang.

The deputies to the NPC said that Shenzhen basically has the conditions to build the court, as Shenzhen Intermediate People’s Court has accumulated rich experience in dealing with commercial cases since 2008, when it designated two collegial panels to specifically handle commercial cases. Futian District People’s Court set up a financial courtroom last year. (Shenzhen Daily)