First-of-its-kind financial court gets down to work in Shanghai

The Shanghai Financial Court, which specializes in finance-related lawsuits and is the first of its kind in China, began operating on Monday. The new institution is meant to provide a better business environment for investors from home and abroad, officials said.

The intermediate-level court focuses on civil and administrative disputes over financial issues, including loans, insurance, securities and cases against financial authorities, senior officials from Shanghai High People's Court said at a news briefing on Tuesday.

For the court to handle cases, the minimum amounts at issue are 100 million yuan ($14.7 million) if both parties are in Shanghai and 50 million yuan if one party is not based in the city. Cases that do not meet the minimum are handled by district courts.