The court, at the intermediate people's court level, will be responsible for commercial cases such as those involving securities, bills, financial lending, and administrative cases.
It will be inaugurated by the end of August, according to a Supreme People's Court official.
In the past three days, lawmakers have also heard and reviewed reports on environmental protection, agriculture, and rights protection for overseas Chinese.
Li said despite positive results China still faces prominent environmental problems. More work is needed to fight and win the arduous battle to control pollution.
He spoke of the importance of boosting agriculture and strengthening protection for overseas Chinese.
The NPC Standing Committee also released its legislative priorities in 2018, with laws on vehicle purchase taxes, farmland occupation taxes, community correction top on agenda.
The property tax law, personal income tax law, and minors protection law have all been put on the waiting list, although drafts may still make it to the top legislature for review this year.
The legislature will begin deliberating on individual books of a civil code in 2018. Compiling a civil code was a decision made by the central leadership. It is expected to be completed by 2020.
Li said the workload is heavy for the incumbent NPC Standing Committee in its first year. He urged lawmakers to work hard and not fear difficulties.
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