Financial arbitration court founded in Shanghai

Shanghai has established its first court aimed at settling financial disputes. Unlike the existing China International Economic and Trade Arbitration Commission, whose cases mainly involve international disputes, the Shanghai Financial Arbitration Court will focus specifically on disputes in the financial sector. The 78 arbitrators serving the court are high-profile bankers, experienced lawyers and government officials in the financial sector, of which 14 are from overseas, China Business Net reported (in Chinese). The establishment of the court will further improve the legal environment of the city's prosperous local financial market, said Shanghai Deputy Mayor Feng Guoqin at the opening ceremony. The value of total financial transactions in Shanghai reached US$15 trillion in the first 11 months of 2007.