Number of Financial Lawsuits on Rise Reasonable: Senior Judge

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Last updated at: (Beijing Time) Tuesday, March 04, 2003

Number of Financial Lawsuits on Rise Reasonable: Senior Judge

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A senior judge from the Supreme People's Court of China (SPC) said Monday that the rising trend in the number of financial lawsuit cases over the past few years is a reasonable phenomenon closely related to economic development.

Xi Xiaoming, presiding judge of the No. 2 Civil Affairs Court of the SPC, said that the financial cases currently make up over one third of the civil lawsuit cases, and the ratio seems to keep growing.

At the invitation of the Xinhuanet.com, Xi answered questions raised by netizens to the on-line forum of the Xinhuanet.com. Monday afternoon. The topic of the on-line dialogue, namely "financial lawsuit cases", has been cited as one of the top 10 issues cared most by members of the 10th National Committee of theChinese People's Political Consultative Conference.

China began to rectify its financial order following the outbreak of the Asian financial crisis, and a major action in the banking industry was to establish four financial asset management corporations to handle the 1.4 trillion-yuan-worth (some 170 billion US dollars) of non-performing loans peeled off from the four largest State-owned commercial banks. Appealing to the court has become one of the major means for the asset management corporations to recover their non-performing assets, which contributed to the increased number of financial law cases.

Financial lawsuits are closely related to the frequency of economic activities, he noted. for example, he added, China's more-developed coastal eastern areas has seen more such cases than in the less-developed western part of the country.

The rise in the number of financial lawsuits also indicates that more financial enterprises are using legal means to protect their rights and interests, he said.

There have been more and more financial disputes concerning newfinancial products such as credit card, and many of such cases arenew to the court, he explained. Investigations and researches in this regard will be stepped up and relative judicial interpretation will be made to ensure the fair trial of such cases.

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