tory burch flats Chinese financial legal system, h

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Chinese financial legal system to adapt to WTO rules

【Key Words】 financial systems / financial legal system / Financial Law / a financial regulation, WTO major issues raised the World Trade Organization (WTO-World Trade Organization) is a mutually beneficial multilateral and plurilateral trade agreements and agreements, elimination of trade discrimination, the promotion of trade and economic development members to the multilateral trading system based on the legal foundation and organization. More than 200 countries around the world, 135 countries have joined the WTO, the volume of trade between WTO members account for 90% of world trade, while China's trade with WTO member countries have 90 percent of China's total foreign trade % or so. Because China did not join the WTO, trade disputes in a number of referees are not fair, and many can not enjoy the benefits of bilateral trade of mutual benefit, and often subject to discriminatory treatment. WTO Agreement for the 21st century, a new international economic order and the legal basis. World Trade Organization as the norm today in the world's largest international trade of multilateral economic organizations, Zhi Ding and implemented a set of multilateral Maoyi rules cover very extensive, almost She Jidao world economy and trade all aspects of these rules are legally binding norms. China's accession to the WTO, we must follow these rules, must take a series of obligations. Closure and protection can not develop the industry, joined the WTO is \Although China joined the WTO carried on a decade of negotiations, but to truly understand China, people familiar with the WTO rules, not many. WTO after years of development, trade policy reviews, dispute settlement, trade in services liberalization, intellectual property protection has formed a relatively complete system, many rules are involved in a large number of complex legal issues, professionalism was strong. The current WTO is preparing a new round of negotiations, the fields that the trade in goods, trade in services, trade-related intellectual property rights, investment measures, and extend to the economic globalization of the extensive business in the field. To take advantage of the opportunities brought by WTO accession and meet the challenges, we must understand and master the WTO's purpose, principles, rules, procedures and practical operation. Chinese enterprises should make full use of WTO rules to protect their own interests. WTO members according to their different levels of economic development and international trade in some of the acts of unfair competition to develop some protective provisions, such as anti-dumping and countervailing duty, import protection measures. The past two years, Chinese enterprises learn from some of the international common practice, using the anti-dumping countervailing measures to protect their legitimate rights and interests, Jilin Paper Group as well as 9 companies on the import of newsprint for anti-dumping investigation is the first national anti-dumping cases decrease the dumped imports caused material injury. Following the anti-dumping newsprint, some enterprises in some countries, dumping of products to make our anti-dumping applications are currently being accepted and heard. The approach is consistent with WTO rules, but also to avoid undue damage to industry. How changes in China's own legal system to adapt to WTO rules? This is the WTO to Chinese law experts made a major issue. Trend of economic globalization is double-edged sword. How to work to change a small number of Western countries control and domination of irrational international Jingji old order and establish a fair, reasonable and in the economic order, removing, and efforts to avoid the negative impact of economic globalization, so that all nations benefit the world economy Quan Qiu Yu technology, etc., all contain a series of urgent need to solve the major theoretical and strategic issues. Join the WTO, not only the economic front we are facing new challenges, our political, legal, ideological and cultural are facing many serious challenges. Jurisprudence should be fully involved in these major issues to resolve. China's current high tide most of quick success of WTO keen on rendering, keen to \ How the legal reform in China, Chinese law and WTO rules to dock, they become our focus. In this focus, the financial heart of the modern economy, of course, bear the brunt. Therefore, the Chinese financial legal system, how to adapt to WTO rules, to adapt to financial liberalization and internationalization of the situation is most important. This article on the financial issues of law and economic analysis to clarify the contemporary Chinese legal circles shoulders of the incumbent task. Second, establish and perfect the modern financial system financial system is a country's economic structure in the most sensitive and most complex part of the market economy in developed countries have a highly developed financial system, including the implementation of monetary policy, macroeconomic regulation and control of the central bank, has featured as the main financial system, commercial banks, there are all kinds of do their best non-bank financial institutions, as well as highly developed domestic and international money market and capital market. The face of WTO accession, China must learn from the developed countries need to deepen the financial system, establish and perfect the modern financial system. The Chinese government the past two years in establishing and perfecting the modern financial system has made many efforts within its capacity, has joined the World Trade Organization made the necessary preparations. From January 1, 1998, the formal abolition of quotas on commercial banks Daikuanguimo control, Shi Xing asset liability management and risk management; Gaige and improved deposit Zhunbeizhiduo; Caiqujianjue Cuo Shi Shi financial Jigou separated and run Shitichedi ; of the serious risks and can not pay the due debts of financial institutions to close down. May 1998, the Central Financial Work Committee was established; in November, the establishment of Insurance Regulatory Commission, the insurance industry to implement special supervision; by the end of December, the state-owned commercial banks and their trust and investment companies, securities companies and other economic entities completely separated, the central bank does not to afford the securities industry and insurance industry regulatory functions will be transferred to the supervision of securities institutions Securities Regulatory Commission, the Commission oversees the securities industry alone. In 1999, the central bank to increase the intensity of the trust industry consolidation,tory burch flats, merge a number of poor management, trust and investment companies are suffering heavy losses, to achieve this high efficiency, large-scale operation. Meanwhile, the press \to further prevent and resolve trust industry risk; clean up and rectify the city commercial banks and urban credit cooperatives, to resolve payment risks on the existing division of city commercial banks risk categories, classification regulation; according to the principles of reform of rural credit cooperatives, cooperative management structure, speed up the establishment of rural cooperative finance industry self-regulatory organization. According to statistics, by the end of February 2000, foreign financial institutions and enterprise groups in China has set up 191 business institutions, total assets of more than 360 billion dollars. China will abolish the establishment of foreign banks operating branches in China, the geographical restrictions, the PBC has been officially approved by the two U.S. banks to open branches in China, approved two new branches of foreign banks in Shenzhen RMB business: approval of New York Chase Manhattan Bank Shanghai Representative Office and the Beijing office upgraded to branch banking; approved Citibank branches in Shenzhen and the Shenzhen Branch of Bank of Tokyo-Mitsubishi,p90x for sale, Japan's business people to business. China's active participation in international financial affairs,insanity workout, maintaining national economic and financial security, promoting financial stability in Asia and the world, has for Southeast Asian countries more than 40 million dollars in aid, urging the Japanese and U.S. government intervention in the yen exchange rate together, promised not to depreciation, actively and steadily push forward the pace of opening China's financial industry. China's integration into the economic and financial globalization process, the extent of the rapid increase of foreign direct investment into China accounted for 40% of total flows to developing countries, China is the largest foreign investment outside the United States into the country. China's domestic financial market system, continue to improve and opening up has intensified, making China's financial services sector and the \ WTO norms in international financial markets open file is \special treatment of developing countries such obligations. 2 years after WTO entry, foreign banks can conduct RMB business with Chinese companies; 5 years after WTO entry, foreign banks can conduct RMB business with Chinese people; the WTO five years, geographical restrictions and customer restrictions will be removed. With the size of the company's business expansion in China, foreign joint venture company will be able to enjoy the same bond business expansion. A small number of joint venture securities companies may engage in fund management business, operations and the issuance of securities to foreign exchange-denominated securities transactions; joint venture fund management companies were first established, foreign capital has a 33% stake, after 3 years to 49%; engaged in underwriting joint venture securities company limited 33%. China's insurance industry currently only foreign insurance companies operating in Shanghai and Guangzhou. After WTO accession, foreign property and life insurance companies nationwide in China, immediately high-risk insurance program, and within 5 years to eliminate all geographical restrictions; 5 years and gradually expand the business scope of foreign insurers, to include accounting for insurance, 85% of the total cost of collective, health care and pensions insurance business; agreement only on the basis of the principles in consultation with the insurance business license issuance, the number of the licensing test or no qualifications; agreed to allow foreign ownership of 50% ownership removal of foreign joint venture life insurance company red tape requirements, and phasing out the restrictions set up branches in China. Foreign life insurance companies can choose a partner. In non-life insurance, China will allow foreign insurers in the two years to expand the business or joint venture owned 51% of the ownership and the establishment of wholly owned subsidiaries. Reinsurance can be completely open by consent. Join the WTO, means that China's integration into the international finance from the mainstream, means that China participate in the modern international financial system from the great cycle of the Chinese financial system will undergo significant changes, its goal is to establish and gradually improve coordination with the international financial mainstream consistent with modern financial system. Third, establish and perfect the modern legal system 1997 financial year, under the auspices of the WTO reached an agreement on trade in financial services. States have always been protective trade in services are the most significant impact. New financial services agreement covers 95% of global trade in financial services, with 102 members to liberalize the financial services market commitments. \Chinese financial institutions face enormous challenges. China's state-owned banks to take on the function of maintaining state-owned enterprises, non-performing assets in the deflation of an increasingly serious and difficult to compete with foreign banks; too many non-financial institutions, vulnerable to the birthplace of financial risks; multinational companies entering the finance company as the center, only open certain financial market, foreign manufacturers can drive into, so that business is stronger and would create a monopoly; foreign banks to conduct RMB business, will increase the difficulty of China's foreign exchange controls; financial institution failures that could interfere with the financial the normal development of the market; into the WTO, the RMB capital account liberalization is difficult to avoid. China wants to calmly deal with the challenges, the need for a relatively complete legal system of modern finance. Róng @ ① Zhu Rongji in March 5, 2000 \organizations have to amend the relevant state laws and regulations in the first half of this year's National People's Congress annual session of the priority goals. China is fully prepared to join the WTO, and the foreign trade and investment laws and regulations to study the legal framework in order to meet the new requirements. This work aims to make the law consistent with international practice and national needs. Administrative intervention to break the state monopoly and opening up some sectors of the revised laws and regulations and other issues is the goal. 1998 issued in late \But during the development of the western developed markets, the Chinese financial legal system was not comprehensive,mac lipstick, not perfect, yet mature, financial laws and regulations are too general and of operation. Some of the principles of the law is too abstract and lacking in maneuverability, no coordinated implementation details of the financial problems encountered by law enforcement agencies not clearly defined. In the existing legal regulations, restrictions on foreign services mainly in the area, capital, equity ratio of market access conditions, the more a \is rare. Many of China's financial services legislation is still in a blank stage, to open no laws, or to foreign investors enter the market without a corresponding normative regulation. 1998, the central bank have been closed in the China Agricultural Development Trust Investment Corporation, China New Technology Venture Capital Company, Hainan Development Bank, the Guangdong International Trust and Investment Corporation several serious problems of financial institutions. The central bank in 1998, when the closure of the financial institutions have said in the corresponding documents to close down. In fact, according to what law, what procedures to follow when there is no corresponding adjustment of regulatory documents to be specific. The State Council, fully aware of the seriousness of the problem, ordered the central bank and other institutions to develop \ Present \Foreign insurance companies that: on foreign insurance companies should not set the special provisions allowed for foreign insurance companies operating in China, and domestic insurance companies should be subject to the same laws, if too many special provisions, the legal structure of the lack of transparency becomes ; Chinese-funded insurance companies that need to establish a protective financial, tax, financial, and regulatory policies and laws. Foreign insurance companies to enter China's insurance market and what their company should be different? How to evaluate the solvency of the foreign insurance company? What kind of risk transfer due to its re-insurance requirements? Many problems. \ 1998 年 12 months, the Bank of China promulgated the \However, China still lacks a comprehensive \Many countries use the appropriate control distribution of foreign banks in the country of origin, the total number of foreign bank branches and number of each method to ensure that their bank's share of the banking system to prevent foreign banks to their domestic financial markets, monopoly or control. Such as Greece, Korea, Mexico, Philippines, Singapore, Thailand, Turkey, and so the establishment of branches of foreign banks are strictly limited. China Taiwan Province, access to foreign banks each year 2-3. The United States to develop comprehensive regulatory standards (CCS) is very strict, many foreign banks are excluded. China should learn from foreign countries of foreign banks to enter the access conditions and regulatory measures to control the entry of foreign banks speed. The approval rate on foreign banks should be appropriate, master tempo, to avoid the influx of foreign banks in a short time. Construction of China's long-term lease legislation serious lag, so that long-term leasing is basically no legal basis in the state, so that the legitimate rights and interests of lease transactions are not effectively protected. Legal problems often plague China leasing industry. Modern leasing industry as a means of intermediation of funds, has become an emerging world of investment business. Because China lacks a comprehensive rental law, the parties breach of contract terms, the leasing company or the injured party can not be forced through the normal judicial process by default are about to act, which makes the lease contract the parties has lost the most basic legal rights, but also makes the lease contracts often lack legal effect become a dead letter. Lease contract guarantees a mere formality. Correction lease between the two parties were often subject to human interference. The leasing company has become plagued a major obstacle to the healthy development. In addition, the domestic leasing company's business is also often subject to harassment and the impact of other regulations, which makes leasing companies assume a normal business risk, we should also bear a lot of the risk of human disturbance can not be measured. For example,p90x on sale, the lessee has been closed down due to illegal business, the leasing companies under contract to recover the rent owed by the lessee, but the money often has to be judicial recourse as stolen money, so rental income into the company's legal forfeiture of the judiciary income.
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