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A special court to handle bankruptcy1 cases was set up in Shanghai on Friday, according to local authorities.
本周五,上海设立一座处理破产的特殊法庭。
The newly established Shanghai court will handle company bankruptcies2, compulsory3 liquidation4 cases and cross-border bankruptcy cases.
Shenzhen set up a bankruptcy court, the first of its kind in the country, on Jan. 14. Beijing set up the country's second on Wednesday.
Chinese courts received 9,542 new cases concerning corporate5 bankruptcy in 2017, an increase of 68.4 percent compared with the previous year, according to the Supreme6 People's Court.
During the same period, 6,257 corporate bankruptcy cases were settled by the courts, up 73.7 percent year on year.
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