China's top court opened a website on August 1 to release information about corporate bankruptcy and recombination.
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Front-page of the Information Website of National Bankrupt Enterprises’ Recombinational Cases. [Photo/pccz.court.gov.cn] |
It will help to open a new chapter in promoting bankruptcy trials, and provide judicial service and better safeguards to deepen supply-side structural reform, said Zhou Qiang, chief justice and president of China's Supreme People's Court (SPC), when attending the launching ceremony.
Supply-side structural reform, initiated by President Xi Jinping in early 2016 at a meeting of the Central Leading Group on Financial and Economic Affairs, aims to increase the effectiveness of supply by making supply structure more fitting to demand structure.
At that meeting, Xi also called for closing down "zombie" enterprises and dealing with production overcapacity. Judicial sectors should help to provide a favorable environment for that process through corporate bankruptcies in the market economy.
The site serves as a "window" onto bankruptcy trials, and is part of the implementation of "Smart Courts" construction, said Zhou Qiang.
A broadening of technological applications in the judicial system is underway. Courts of various levels in China are turning themselves into "Smart Courts" to better serve the people and contribute to the judiciary.
"The site plays a positive role in promoting 'justice mechanism in the sun' which is open, dynamic, transparent and convenient," said Zhou.
He said more data should be put online to make the site a hub in providing big data on corporate bankruptcy to the public.
The case site, established by the SPC, started a trial run on June 23 this year before it officially went online.
