Special court for financial disputes to open in Shanghai

A special court to handle financial disputes is expected to be set up by the end of August in Shanghai, a spokesman of the top court said Friday.

"We'll make full preparations for setting up the Shanghai Financial Court, hoping it can start operations at the end of August," said Lin Wenxue, spokesman of the Supreme People's Court.

He made the remarks at a news conference held after the Standing Committee of the National People's Congress, the country's top legislature, passed a decision on Friday to build the special court.

The establishment of the court is expected to improve the nation's judicial capability and better prevent financial risks, according to the legislature.

"We'll also make judicial interpretations to further clarify what lawsuits the financial court will hear, and select judges, legal assistants and administrative officers for the court," Lin said.

The top court also plans to establish a system or think tank to invite financial experts to advise judges when they meet difficulties in handling finance-related lawsuits, he added.