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Development of China’s Financial Courts: Status-quo, Challenges and Suggestions (No.43, 2021)
2021-04-22
By Wang Gang & Chen Daofu, Research Institute of Finance, DRC
Research Report, No.43, 2021 (Total 6108) 2021-3-10
Abstract: Financial courts are a superior form of special courts for professional financial judgment and a “Pro” version of financial tribunals. Since Shanghai Financial Court was founded in 2018 as a key measure to further promote China’s financial legislation reform, it has made remarkable progress for innovation in improving the effectiveness and efficiency of judgment enforcement, unifying the standards for making a judgment, and enhancing the global influence of China’s financial legislation. However, it is also challenged by insufficient top-level design, a limited jurisdiction scope and weak influence overseas. To fully tap into the centralized jurisdiction, professional trials and expertise of financial courts and create a better environment for rule of law in finance, it is suggested that China should grasp the opportunity of the founding of Beijing Financial Court to improve its financial court system. First, the government needs to focus on the top-level design, clarify standards for access, properly divide jurisdiction in different financial courts and equip them with a case reference system for financial trial. Second, the scope for financial courts’ jurisdiction needs to be expanded through multiple channels. Third, foreign-related jurisdiction needs to be strengthened to promote China’s influence in financial legislation worldwide.
Keywords: financial courts, financial legislation, jurisdiction expansion
