The Supreme People’s Court (SPC) released regulations to clarify the jurisdiction of the Shanghai Financial Court, as reported by Caixin on August 9. Apart from traditional and common disputes related to licensed financial institutions, as well as bankruptcy cases, the Shanghai Financial Court will also oversee new types of financial and commercial litigation, involving private equity, online P2P lending, non-banking online payment, and more. Ordinary private and informal lending cases will be excluded. The regulations come into force on August 10.
In recent years, the number of financial and commercial cases has increased rapidly in Shanghai, growing by an average of 51% a year from 2013 to 2017. In 2017 alone, courts in Shanghai accepted and heard over 179,000 such cases. However, private