The Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone will set up a financial trial zone, according to a document issued by the Shanghai High People's Court on Nov 23.

The zone will pilot the opening of the financial industry. Policies will support the development of financial clusters and ensure the implementation of innovative financial measures.

In addition to the establishment of the financial trial zone in Lin-gang, the financial industry will also be opened up in other ways, according to the aforementioned document, which consists of 24 articles and four sections.

The first part focuses on the improvement of jurisdiction mechanisms and respecting the choices of various parties.

When it comes to the jurisdiction of foreign-related financial cases, the document states that it is necessary to respect the choices of different parties, and the Shanghai courts will hear financial dispute cases related to cross-border and offshore financial transactions.

The second part discusses setting up a think-tank to make better use of experts.

The Shanghai courts propose setting up a financial trial consulting expert database to provide professional consulting for trials involving foreign-related financial disputes the potential to influence policy.

The next section focuses on opening up and innovation and preventing financial risks.

The document suggests establishing a financial trial area and helping regulators supervise pilot financial technology innovation.

The Shanghai courts also pay close attention to the source governance of financial risks.

The last section focuses on strengthening coordinated governance to ensure financial security.

It is stated that Shanghai courts must strengthen international financial judicial assistance and handle judicial assistance requests in strict accordance with relevant international treaties and the principle of reciprocity and improve the enforcement of non-litigation financial disputes related to arbitration.