The Shenzhen Bankruptcy Court was launched on Jan 14 to improve the business climate and promote high-quality economic development in China.

Cases of compulsory liquidation and bankruptcy of companies that approved by the industry and commerce administrative authorities at the municipal level and above in Shenzhen, as well as their derivative suits are under the jurisdiction of the Bankruptcy Court.

Cross-border bankruptcy cases are also accepted by the court.

At the launching ceremony, Liu Guixiang, full-time member of the judicial committee of the Supreme People's Court (SPC), praised the establishment of the court on behalf of SPC President Zhou Qiang and affirmed Shenzhen courts' judicial performance in bankruptcy-related trials.

He pointed out that courts must highly value the judicial work on bankruptcy affairs and build an operation mechanism for bankruptcy trials to promote high-quality economic growth.

In addition, Liu said there is a need to improve China's engagement in the optimization of the international insolvency legal system.

Also present at the ceremony were Gong Jiali, president of the Giangdong Provincial Higher People's Court, Yu Guoxin, secretary of the commission for political and legal affairs of the CPC Shenzhen municipal committee, Wan Guoying, president of the Shenzhen Intermediate People's Court and other staff at the Shenzhen Municipal People's Congress, the Shenzhen Political Consultative Congress and related departments.