According to Xinhua News Agency, the Standing Committee of the National People's Congress adopted the Decision on Establishing Chengdu-Chongqing Financial Court on February 28.

To step up judicial protection and foster a sound legal environment in the financial sector, and safeguard financial security, it is hereby decided as follows on the basis of the Constitution of the People's Republic of China and Organic Law of the People's Courts of the People's Republic of China:

I. To establish Chengdu-Chongqing Financial Court.

Supreme People's Court shall determine the setup of divisions of the Chengdu-Chongqing Financial Court in accordance with the type and quantity of financial cases.

II. Chengdu-Chongqing Financial Court is to exercise exclusive jurisdiction over the following cases:

(1) first-instance civil and commercial cases on finance from Chongqing Municipality and cities of Sichuan Province within Chengdu-Chongqing economic circle under the jurisdiction of  intermediate people's courts;

(2) first-instance finance-related administrative cases from Chongqing Municipality and cities of Sichuan Province within Chengdu-Chongqing economic circle with a financial regulatory agency (agencies) as the defendant under the jurisdiction of intermediate people's courts;

(3) first-instance civil and commercial cases on finance as well as finance-related administrative cases with financial infrastructure institution(s) domiciled in Chongqing Municipality or cities of Sichuan Province within Chengdu-Chongqing economic circle as the defendant or a third party and related to the institution(s) 's performance of duties;

(4) cases of appeals, procuratorial protests, or retrial cases on finance as well as finance-related administrative cases, in which the first-instance judgment or ruling from primary people's courts of Chongqing Municipality and cities of Sichuan Province within Chengdu-Chongqing economic circle is not accepted;

(5) cases that it should try as provided by law;

(6) other financial cases under its jurisdiction as determined by the Supreme People's Court.

Cases of appeals in which the first-instance judgment or ruling from Chengdu-Chongqing Financial Court is not accepted shall be heard by Chongqing High People's Court.

III. Chengdu-Chongqing Financial Court shall be responsible and report on its work to the Standing Committee of the Chongqing Municipal People's Congress.

Chengdu-Chongqing Financial Court's adjudicatory work shall be supervised by Supreme People's Court and Chongqing High People's Court. Chengdu-Chongqing Financial Court is to accept legal supervision by people's procuratorates in accordance with the law.

IV. The president of Chengdu-Chongqing Financial Court shall be appointed or removed by the Standing Committee of the Chongqing Municipal People's Congress, as nominated by the Meeting of Directors of the Standing Committee of the Chongqing Municipal People's Congress.

The vice presidents, members of the adjudicative committee, divisional chief judges, deputy divisional chief judges, and judges of Chengdu-Chongqing Financial Court shall be appointed or removed by the Standing Committee of the Chongqing Municipal People's Congress, as nominated by the president of Chengdu-Chongqing Financial Court.

V. This Decision shall take effect on March 1, 2022.