Chongqing - The Chongqing Office of China Banking and Insurance Regulatory Commission announced its cooperation with Sichuan Office and Chengdu-Chongqing Financial Court, exploring a new collaboration mode between financial regulation and justice on May 22.
Three parties share common issues in the Chengdu-Chongqing region, such as the financial rule of law, diversified resolution of financial disputes, collaborative prevention and control of financial risks, and the fight against illegal economic activities.
Those issues will be solved through joint meetings, consultations on significant topics, information-sharing and diversified resolution mechanisms for financial disputes, and the economic rule of law exchanges among the three parties.
It is necessary to collaborate closely to create a safe and stable financial development environment, contributing to the construction of the Western financial center, said Jiang Ping, director of the Chongqing Office of China Banking and Insurance Regulatory Commission.
In December 2021, the People's Bank of China, other departments, and local governments jointly issued a plan to build a financial center in the Chengdu-Chongqing region by 2025.
The plan indicates that the Western Financial Center intends to introduce more domestic and foreign financial institutions and encourage international financial organizations and central banks in ASEAN countries to establish representative offices in China.
According to Chen Yulin, director of the Sichuan Office of China Banking and Insurance Regulatory Commission, the three parties' collaboration will focus on financial services for entities, prevention, and control of financial risks, and economic reforms to coordinate between financial regulation and adjudication.
Specifically, in promoting efficient, unified, and systematic regional financial regulatory policies and judicial environments, the three parties will collaborate to provide stable and robust judicial support and regulatory policy for the banking and insurance industry reforms, innovation, and opening up in Sichuan and Chongqing.
They aim to deepen cooperation in safeguarding financial consumers' legitimate rights and interests, optimizing the regional legal business environment, and creating a sound economic rule of law ecosystem.
He Dongning, president of the Chengdu-Chongqing Financial Court, eyes financial security to prevent systemic financial risks and works together to promote the high-quality development of the Western Financial Center.
The Chengdu-Chongqing Financial Court is China's third specialized financial court, following those established in Shanghai in 2018 and Beijing in 2021.
The new court makes a breakthrough in traditional territorial jurisdiction by establishing cross-provincial jurisdiction, that is, jurisdiction over financial cases from the designated area of Sichuan Province and that of Chongqing Municipality, which falls within the Chengdu-Chongqing economic circle.
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