Financial court opens in Shanghai

SHANGHAI: The country's first court dealing specifically with financial disputes opened here yesterday.

The court, under the jurisdiction of the Shanghai Pudong New Area District People's Court, will deal with banking, securities and insurance cases involving not more than 50 million yuan ($7.35 million). There are plans in the future to include more categories.

"The establishment of the court will help create a more stable environment for Pudong's financial market, and further build Shanghai into an international financial center," Ding Shouxing, director of the Pudong people's court, said.