Promoting shared sense of belonging

RESIDENTS FROM HONG KONG, Macao and Taiwan who have lived on the Chinese mainland for more than six months will be able to apply for mainland residence permits from the start of next month. People’s Daily comments:

Under the new rule, applicants from the Hong Kong and Macao special administrative regions and Taiwan who have stable jobs and accommodation or who are studying on the mainland will be eligible to apply for a mainland residence permit starting next month. There is no need for the applicants to have mainland hukou (household residence registration), nor to give up their residency and welfare entitlements in Hong Kong, Macao or Taiwan.

The residence permit card, which can be read automatically by electronic terminal devices in places such as railway stations, airports and banks, will grant the permit holders basically the same treatment as mainland residents in such public services as employment, social security, medical and legal services, vehicle license applications, and hotel and travel ticket booking, thus bringing greater convenience to them while they are studying, working and living on the mainland.

China’s first financial court, Shanghai Financial Court, was established on Monday. The court was approved by the Standing Committee of the National People’s Congress in April, and is of great significance for dealing with financial-related disputes, guaranteeing reform and development of the financial system, creating good financial order and safeguarding the legal rights and interests of consumers and investors.

As financial related disputes have become more and more frequent and complicated

The move is part of efforts to comprehensively promote mutually beneficial cooperation between the mainland and Hong Kong and Macao, formulate and improve policies and measures for Hong Kong and Macao residents working or studying on the mainland and gradually provide equal treatment to Taiwan compatriots for their studying, starting businesses, employment and living on the mainland.

The move also aims to promote and enhance the national identity and sense of belonging to the nation among Hong Kong and Macao and Taiwan compatriots who have made important contributions to the nation’s reform and opening-up and its modernization drive over the past decades. The latest measure will ensure that they will be better able to share the opportunities presented by the mainland’s development and feel a greater sense of gain from the realization of the Chinese Dream.

Financial court

nowadays, local courts have lacked sufficient financial knowledge and judicial experience to deal with these cases.

Shanghai is one of the most important financial centers in China, which plays a key role in China’s financial development. Many important financial organizations, such as the stock exchange, futures exchange and foreign banks are located in Shanghai, which has led to many financial and related legal disputes taking place in Shanghai. From 2013 to 2017, the number of financial and related cases handled by the courts in Shanghai grew by 51 percent. More important, the establishment of the Shanghai Free Trade Zone will make financial and related legal disputes more international and complicated, which means experienced and knowledgeable judges will be required to resolve them.

The establishment of a specific financial court will attract more professional and experienced legal talents to deal with financial legal disputes, which is conducive to improving the handling of financial and related cases not only in Shanghai but nationwide.

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