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China's First Cross-provincial Financial Court Was Unveiled in Chongqing

By RAN ZHENGICHONGQING|Oct 03,2022

Chongqing- The construction of the Chengdu-Chongqing economic circle has released good news. China’s first court with cross-provincial jurisdiction, the Chengdu-Chongqing Financial Court, was officially unveiled on September 28.

Chongqing Office of the Chengdu-Chongqing Financial Court.

Chongqing Office of the Chengdu-Chongqing Financial Court. (Photo provided to iChongqing)

From planning to establishment and unveiling, the Chengdu-Chongqing Financial Court reflects the accelerated pace of the Chengdu-Chongqing economic circle.

The Chengdu-Chongqing Financial Court is located in Chongqing, with offices respectively in Chongqing and Chengdu. The Chongqing office is located in Yuzhong District, consisting of a trial building, an office building, a litigation service center, a multimedia center, a financial history museum, and a financial justice museum. The Chengdu office is located in Tianfu Central Legal Services District.

In early 2020, not long after the construction of the Chengdu-Chongqing economic circle became a national strategy, Chongqing clearly stated that it would promote the construction of financial courts. On March 1, 2021, Supreme People’s Court proposed establishing China’s third financial court in the Sichuan-Chongqing region. On February 28, 2022, the Standing Committee of the 13th National People’s Congress passed the decision to establish the Chengdu-Chongqing Financial Court.

Chengdu Office of the Chengdu-Chongqing Financial Court.

Chengdu Office of the Chengdu-Chongqing Financial Court. (Photo provided to iChongqing)

The Chengdu-Chongqing Financial Court is responsible for the jurisdiction of relevant financial civil and commercial cases and financial-related administrative issues within the Chengdu-Chongqing economic circle that should be under the jurisdiction of the Intermediate People’s Court level. The specific jurisdiction is subject to the judicial interpretation of the Supreme People’s Court.

Also, the High People’s Court of Chongqing Municipality shall handle the appeal cases of the first-instance judgment and ruling of the Chengdu-Chongqing Financial Court.

The person in charge of the High People’s Court of Chongqing Municipality said that the Financial Court would ensure the implementation of the national financial strategy, maintain regional financial security, and serve the western financial center construction. It will also promote the reform of the financial trial system, strengthen scientific and technological support and the use of big data, and strive to build a national benchmark court.

As one of the promoters behind the establishment, Wang Yuyu, a member of the CPPCC National Committee and a professor at Southwest University of Political Science and Law, believes that after the Chengdu-Chongqing Financial Court’s establishment, it can resolve financial disputes in a more professional and centralized manner. It enhances the level of the financial rule of law and the development quality of the financial market.

“This is the first financial court established in central and western China and the first financial court with cross-provincial jurisdiction,” said Han Deyun, a deputy to the National People’s Congress. “The landing of the Chengdu-Chongqing Financial Court will optimize the business environment in the Chengdu-Chongqing region, especially the financial business environment, deepening the construction of the Chengdu-Chongqing economic circle and helping the high-quality development of Chongqing.”

(Zhu Qinzhuo, as an intern, also contributed to this report.)

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