Govt plans financial court in Shanghai

China is mulling to set up a financial court in Shanghai to effectively handle a rise of disputes and to provide a better business environment for investors from home and abroad, a draft said.

The draft was submitted to the bimonthly session of the country's top legislature, the Standing Committee of the National People's Congress, for reading on Wednesday.

The court will be the one at intermediate level, focusing on a series of civil and administrative disputes relating to finance, including loans, insurances, securities and those against financial authorities, the draft said.

Shanghai was selected to have the court, "as the city has seen a sharp rise of financial cases in recent years and has many financial institutes," said Zhou Qiang, president of the Supreme People's Court, who introduced the draft on Wednesday.

He added the court's building will not only help the city improve quality and efficiency in hearing financial cases, but also contribute the country to studying how to provide a better business and investment environment.