High-efficiency financial dispute resolution system urged
Liu Guixiang, member of the Supreme People's Court's judicial committee, urged construction of a high-efficiency financial dispute resolution system to cultivate a rule of law business environment that is stable, fair, transparent and predictable for international financial center development.
Liu made the remarks in his video speech for the 12th Lujiazui Forum 2020 which was held on June 19 in Shanghai and themed on financial justice.
He stressed that courts nationwide should build and continuously improve the financial dispute resolution system to meet the increasing financial justice demands stimulated by the implementation of national major financial strategies and the need for sustainable development of Shanghai as an international financial center.
The system should promote diversified financial dispute resolutions, dissolve disputes at their source, build a litigation mechanism specifically for financial disputes, so as to improve trial effectiveness and quality in such cases.
The courts should actively explore a securities civil litigation system suitable for China and the times that safeguard the legislative rights and interests of medium and small investors, maintain a fair and just financial market order, stabilize financial market entities' proper anticipations and prevent and dissolve financial risks.
Liu asked the courts to unify the application standards of civil laws and improve the quality and credibility of civil cases trials..
Focusing on the position and function of the financial justice in business and financial environment, experts from financial, judicial and supervisory organizations and representatives from the National Committee of the Chinese People’s Political Consultative Conference,the SPC and courts in Shanghai discussed role of financial justice in financial reform and development and international financial center construction and exchanged experiences and practices on rule of law construction in cities that have emerged as international financial centers.