(Yicai Global) Aug. 2 -- China’s courts accepted and heard more than 4,700 commercial bankruptcy cases in the first half of 2017, up 65 percent on the year, the Supreme People’s Court said during a press briefing on July 31.
The number of bankruptcy cases surged 54 percent to 5,665 last year after totaling less than 20,000 between 2008 and 2015.
The Supreme People’s Court held several conferences over the past two years to dynamically improve the bankruptcy system, put more zombie firms through the process and implement the Communist Party of China’s Central Committee’s decision to get rid of zombie companies, said Li Liang, director of the court’s approval management office.
The judiciary system is a tool to measure economic and social development, Li added. Cases heard by China’s courts cover all areas of society and the economy, and can reflect new traits for disputes during the nation’s reform and development.