Bankruptcy court established in Shanghai
Updated 19:59, 01-Feb-2019
By CGTN's Wu Lei and Hu Nan
00:39

Shanghai Bankruptcy Court, one of China's first group of courts dedicated to handling bankruptcy cases, was established in Shanghai on Friday. 

The newly established Shanghai Bankruptcy Court in Shanghai, East China. 

The newly established Shanghai Bankruptcy Court in Shanghai, East China. 

In addition to bankruptcy cases, derivative lawsuits, cross-border bankruptcy cases will also be handled by the court. The court will closely deal with the "zombie enterprises." It's tasked with promoting the orderly exit of market entities, dealing with distressed enterprises, along with conducting trials for bankruptcy liquidation.

The interior of the Shanghai Bankruptcy Court in Shanghai, east China.  

The interior of the Shanghai Bankruptcy Court in Shanghai, east China.  

The interior of the Shanghai Bankruptcy Court in Shanghai, east China.  

The interior of the Shanghai Bankruptcy Court in Shanghai, east China.  

Signboard of the Shanghai Bankruptcy Court in Shanghai, east China.  

Signboard of the Shanghai Bankruptcy Court in Shanghai, east China.  

The front view of the Shanghai Bankruptcy Court in Shanghai, east China.  

The front view of the Shanghai Bankruptcy Court in Shanghai, east China.  

Beijing and Shenzhou also establish their bankruptcy courts in January. These courts will play a key role in preventing and controlling financial risks, maintaining market economic order, social stability, and optimizing the rule of law in business environment.

(Top photo: The launch ceremony of the Shanghai Bankruptcy Court in Shanghai, east China, February 1, 2019. Photo by The Third Intermediate People's Court of Shanghai)