Shanghai Daily: Business - shanghaidaily.com
SHANGHAI inaugurated its first financial arbitration body yesterday to handle business disputes and boost the city's image as a financial hub. The Shanghai Court of Financial Arbitration, an independent arm under the Shanghai Arbitration Commission, will deal with financial disputes, including rows over insurance, futures, stocks and financing. The arbitration body's decision is final and has the same effect as a ruling made by a court. "To build the city into a financial center requires a sound legal environment, and a system on handling financial disputes is a key component," said Lu Fang, director of the new system. A mature arbitration system can help attract overseas investors as they require a fair, efficient and international-standard legal system, officials said at a meeting in Pudong New Area. "China's existing legal system is not capable of handling some complicated financial cases," said Fang Xinghai, director of the Shanghai government's