A seminar on the legal guarantee for financial opening-up and cooperation was held at the 14th Lujiazui Forum in Shanghai on June 9. Permanent member of the Supreme People's Court (SPC)'s judicial committee (vice-minister level) Liu Guixiang attended and addressed the event.

Liu pointed out that reinforcing financial opening-up and cooperation under the new circumstances is a consensus that has been reached among all countries, and is also faced with great challenges. Themed on the legal guarantee for financial opening-up and cooperation, this seminar is significant in responding to new challenges, promoting international financial exchanges and cooperation, and for the healthy development of the country’s financial industry and its opening-up, he said.

He emphasized the need to improve the system of rules, solidify and refine the basic legal system of the financial market; strengthen the development of the financial dispute resolution mechanism to serve and guarantee financial reform and opening-up; and enhance international exchange and cooperation in financial judiciary to jointly address new challenges brought about by financial opening-up.

An internationalized financial judiciary concept needs to be established to respect international financial transaction rules and practices, according to him. Finance-related legal disputes should be properly handled through a fair and efficient financial judiciary system, and efforts are needed to proactively tap the demonstration and guiding role of typical cases in the financial sector, to guide market entities to form rule-of-law thinking and rational expectations, he added. Coordinated co-governance between the financial judiciary and financial supervision organs needs to be reinforced for a law-based international financial environment, and international exchanges and cooperation need to be expanded to promote alignment of China's financial trial concepts with international standards, learn from advanced foreign financial judicial experiences, and enable China's financial judicial wisdom to play a part on the international stage, he said.