BEIJING, Jan. 30 (Xinhua) -- China's second bankruptcy court was set up in Beijing Wednesday, according to local authorities.

Approved by the Supreme People's Court, the newly established Beijing court will handle company bankruptcies, compulsory liquidation cases and cross-border bankruptcy cases.

Shenzhen set up a bankruptcy court, the first of its kind in the country, on Jan. 14. Shanghai will set up the country's third bankruptcy bank on Feb. 1.

Chinese courts received 9,542 new cases concerning corporate bankruptcy in 2017, an increase of 68.4 percent compared with the previous year, according to the Supreme People's Court.

During the same period, 6,257 corporate bankruptcy cases were settled by the courts, up 73.7 percent year on year.