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Financial Legal Service Center of Western China Unveiled

By RAN ZHENG|Apr 10,2022

Chongqing- The Financial Legal Service Center of Western China was unveiled on Friday in Southwest China's Chongqing Municipality. The center, located in the Jiangbeizui Central Business District, a core area of the Western Financial Center, will provide public legal services, litigation services, prosecutorial services, and police services.

The Financial Legal Service Center of Western China.

The display wall of the Financial Legal Service Center of Western China. (iChongqing/Zheng Ran)

Intelligent information technology will be widely used in service delivery.

In addition, the center will act as a platform through a publicly accessible website, publish service news, organize lectures, hold joint meetings, and host high-level forums.

The litigation service area of the Financial Legal Service Center of Western China

The litigation service area of the Financial Legal Service Center of Western China. (iChongqing/Zheng Ran)

In recent years, the number of financial disputes, especially those related to the internet, has increased. Chongqing Municipal Bureau of Justice and Higher People's Court of Chongqing Municipality have jointly proposed to build Chongqing Liangjiang Central Legal District (Jiangbeizui) under the Construction of the Western Legal Service Highland Planning, hoping to form a joint effort for the healthy and stable development of the financial market.

Therefore, Jiangbei District has put forward a plan to build a western financial plaza and a financial big data center this year.

The local government has integrated high-quality legal resources such as judicial, administrative, arbitration, notary, and lawyers in this center to strengthen the regional cooperation in Western China and create a one-stop financial dispute resolution mechanism.

The Financial Legal Service Center of Western China

The workspace of the Financial Legal Service Center of Western China. (iChongqing/Zheng Ran)

"The establishment of the Financial Legal Service Center of Western China promotes the communication between judicial, administrative organs and financial institutions, exploration of cross-regional financial, legal services, and promotion of the development of the financial industry through high-quality legal services," said an official from Jiangbei District Justice Bureau. 

These innovative government measures are also thanks to Chongqing's unique locational advantages.

The Yangtze River Golden Waterway and the New International Land-Sea Trade Corridor meet here.

In January 2020, China's central government clarified the task for Chengdu and Chongqing to jointly develop the Western Financial Center. In 2021, the country cleared the Western Financial Center to serve countries and regions contributing to the Belt and Road Initiative.

The Regional Comprehensive Economic Partnership (RCEP) came into effect on January 1, 2022. As Chongqing and Chengdu are both located at a critical point in global trade and have an advanced infrastructure in transportation logistics, a strong financial sector can play a crucial role in providing multi-modal transportation packages between producers and customers.

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