(Yicai Global) March 19 -- China’s second court dedicated to finance-related lawsuits opened in Beijing yesterday to help create a sound financial environment and support the economy’s healthy development.

The Beijing Financial Court has 25 judges to begin with, each of whom has experience of more than 12 years in the field, Cai Huiyong, the court’s president, said in a statement the Supreme People’s Court released the same day.

The court can take cases involving foreign companies accused of damaging the rights and interests of domestic investors as well as lawsuits related to regulatory oversight and disputes concerning firms listed on the National Equities Exchange and Quotations, an over-the-counter stock market, Cai said.

China’s first financial court opened in Shanghai in August 2018.

Beijing is where the country’s financial regulators and the headquarters of major financial institutions are located. The city had more than 830 registered corporate financial institutions as of December, with their assets exceeding CNY150 trillion (USD23.02 trillion), making up more than half the country’s total.

The Beijing Financial Court’s jurisdiction over financial cases will help optimize trial resources, strengthen governance and supervision, and prevent financial risks, according to An Fengde, vice president of the Beijing High People's Court.

Editor: Emmi Laine