THE Shenzhen Bankruptcy Court was officially inaugurated yesterday to meet the economic and social development demands and to provide better services in this field, according to sznews.com.

In 1993, Shenzhen Intermediate People’s Court built the first bankruptcy trial court in China to suit its development as a special economic zone. The establishment of this court was the earliest effort in China to conduct centralized jurisdiction and provide professional hearings over bankruptcy cases.

Bankruptcy cases processed through Shenzhen Intermediate People’s Court have accounted for 5 percent of the total cases in China and a third of that in the province in recent years. Among the 6,257 bankruptcy cases that have been resolved in the country, 429 were solved by Shenzhen Intermediate People’s Court, the report said.

Over 25 years, Shenzhen Intermediate People’s Court has been continuing reform while focusing on daily work. As a result, many creative ideas have been put forward. For example, the court once conducted an online auction of properties owned by a bankrupt enterprise, which also provided a model for other courts across the country.

The idea of building a bankruptcy court was first floated in December 2018 as a measure to forge a market-oriented, internationalized business environment governed by law and provide judicial services and guarantees for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. With support from higher authorities, it took only one month for the court to win approval.

The establishment will play a significant role in improving the country’s economic system, offering more conveniences in handling bankruptcy cases, promoting the business environment and protecting enterprises’ rights. (Wang Jingli)