China News Service, Beijing, March 18 (Reporter Yu Lixiao) The Beijing Higher People's Court held a press conference on the 18th to inform the public that the Beijing Financial Court was officially established.
The newly established Beijing Financial Court specializes in financial, civil and commercial cases and financial administrative cases that should be under the jurisdiction of Beijing’s Intermediate People’s Court.
The Beijing Financial Court is the second financial court established in Mainland China after the Shanghai Financial Court was established in 2018.
Beijing is the national financial management center, the host of financial regulatory authorities, important financial infrastructure, and major financial institution headquarters. In 2020, the total assets of Beijing’s financial institutions will exceed RMB 150 trillion, accounting for more than half of the country. The financial industry has become the capital The largest pillar industry of the economy.
On March 18, the Beijing Higher People's Court held a press conference to inform that the Beijing Financial Court was formally established.
Photo courtesy of Beijing Financial Court
According to An Fengde, Deputy Party Secretary and Vice President of the Beijing Higher People's Court, currently, there are 832 legal person financial institutions registered in Beijing. Financial development and innovation have triggered a large number of difficult, complex and new types of financial disputes into the litigation field.
The establishment of the Beijing Financial Court to centralize jurisdiction over financial cases is conducive to further optimizing the allocation of financial trial resources and effectively preventing and deflating financial risks.
An Fengde emphasized that the Beijing Financial Court should focus on the three major tasks of financial services to the real economy, prevention and control of financial risks, and deepening of financial reforms.
Regarding the jurisdiction of the Beijing Financial Court, Cai Huiyong, the president of the court, said that the Intermediate People’s Court has jurisdiction over the following first-instance financial, civil and commercial cases within the jurisdiction of Beijing: securities, futures transactions, business trusts, insurance, bills, letters of credit , Independent guarantees, factoring, financial loan contracts and other financial civil and commercial disputes, as well as financial administrative cases.
For domestic investors’ lawsuits filed by the Beijing Financial Court on the grounds that securities issuance, trading activities or futures trading activities that occurred outside the People’s Republic of China harm their legal rights and interests, as well as financial sales by domestic individuals or institutions through financial institutions outside the People’s Republic of China A lawsuit filed with the Beijing Financial Court on the ground that the product or the financial service provided damages its legitimate rights and interests shall be under the jurisdiction of the Beijing Financial Court.
The court is set up as the intermediate court of the municipality directly under the Central Government, and it is a special people's court with a total of 7 internal institutions.
The first batch is equipped with 25 judges, with an average age of 41.7 years, 11 doctors and 13 masters, with an average case-handling period of more than 12 years, and 68% of the judges are rated as various expert talents.
(Finish)