Chengdu-Chongqing Region to Welcome China’s Third Specialised Financial Court of Law

146

The vast inland urban conurbation of Chengdu and Chongqing is set to become home to China’s third specialised financial court of law.

On 27 February the Standing Committee of China’s National People’s Congress (NPC) gave its approval to a bill for the establishment of a financial court for the Chengdu-Chongqing region.

“China plans to establish a Chengdu-Chongqing financial court, for the purpose of improving the financial adjudication system, expanding the strength of judicial protection for finance, operating an excellent legal environment for finance, and servicing and safeguarding the development of the Chengdu-Chongqing twin-cities economic region,” said the bill.

The Chinese central government plans to integrate the Sichuan province capital of Chengdu and the province-level municipality of Chongqing, to create a huge inland urban area which will serve an economic and financial hub for central China.

The jurisdiction of the proposed Chengdu-Chongqing financial court will include Chongqing municipality, as well as financial civil and commercial cases and financial administrative cases in the those parts of Sichuan province falling within the Chengdu-Chongqing twin cities economic region.

China is currently host to two specialised financial courts – the Shanghai Financial Court which was established on 20 August 2018, and the Beijing Financial Court which was established on 18 March 2021.