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China's first local financial tribunal opens in Shanghai

(Xinhua)
Updated: 2008-11-13 23:20

SHANGHAI  -- China's first local financial tribunal opened on Thursday in the People's Court of Shanghai Pudong New Area.

The tribunal, with three judges, will accept both individual and institutional civil cases, with no limit on claims, said a judicial official.

Lin Xiaojun, vice chief judge of the tribunal, said the global financial crisis has triggered an increase in financial disputes.

Financial innovation and opening-up had also seen a wider variety of cases, including finance product and company stock ownership disputes, said Lin.

Ding Shouxing, president of the People's Court of Shanghai Pudong New Area said the tribunal would also provide legal services for financial institutions, release case analyses for market information, and make proposals to prevent and resolve financial risks.

The tribunal would hire financial experts as assessors, and set up a consultative team to guarantee just, efficient, professional and clean hearings.

The Ministry of Justice has announced no plans to extend the tribunals to the other parts of the country.

Since 2006, the People's Court of Pudong New Area has heard 5,603 financial cases, including those relating to bank loans, credit cards, securities and assurance, involving more than 1.6 billion yuan (242 million US dollars).

The Chinese government approved Pudong New Area, situated in eastern Shanghai, as a trial base for opening-up in 1990. Since then, 530 domestic and foreign financial institutions have been established there.