A Financial Court located in Pudong is going to be founded by Pudong Financial Service Office and Pudong People’s Court. The Financial Court is named as “the Sixth Civil Court of Pudong People’s Court and will be established within Pudong People’s Court.

The Sixth Civil Court will exercise jurisdiction on finance commercial cases such as security, banking, fund and trust cases, but temporarily have no jurisdiction on financial criminal cases or finance administrative cases. Criminal Court of Pudong People’s Court is still responsible for financial criminal cases, and Administrative Court of Pudong People’s Court is in charge of administrative cases.

The Sixth Civil Court will accept cases with object of action up to fifty million, covering most of the first instance financial cases. Other first instance financial cases with object of action over fifty million should be handled by Shanghai Intermediate People’s Court.

It shows that Pudong People’s Court accepted 127 financial cases in 2005 but over 1500 cases in 2007. Due to lack of special financial court, some of Shanghai financial institutions such as futures companies have to seek for judicature or arbitration solution in Hong Kong, Singapore or other areas. So, establishment of special financial court certainly would improve financial judicial environment in Shanghai.