Sumit Agarwal, Keyang Li, Yu Qin, Jing Wu, Jubo Yan
In this study, we exploit a policy shock that differentially increased capital gains taxes for housing units with holding period less than 5 years, and document tax avoidance and tax evasion in the residential resale market in China. We show suggestive evidence that after the capital gains tax increase, resale transactions exhibit more bunching above 5 years of holding period, but the responses are small and imprecisely estimated. More importantly, using precise information of both the actual transaction price and the reported price to the tax authority, we find that tax evasion, measured by the difference between the two prices, becomes 23.3% higher. We also document that the policy has strong heterogeneous effects, whereby cash buyers are 8.4% more likely to buy a house than buyers who need financing after the policy. This is mainly because financing buyers prefer a higher reported price (and so less tax evasion) to secure higher bank loans but cash buyers do not have such concern.
{"title":"Tax Evasion, Capital Gains Taxes, and the Housing Market","authors":"Sumit Agarwal, Keyang Li, Yu Qin, Jing Wu, Jubo Yan","doi":"10.2139/ssrn.3241127","DOIUrl":"https://doi.org/10.2139/ssrn.3241127","url":null,"abstract":"In this study, we exploit a policy shock that differentially increased capital gains taxes for housing units with holding period less than 5 years, and document tax avoidance and tax evasion in the residential resale market in China. We show suggestive evidence that after the capital gains tax increase, resale transactions exhibit more bunching above 5 years of holding period, but the responses are small and imprecisely estimated. More importantly, using precise information of both the actual transaction price and the reported price to the tax authority, we find that tax evasion, measured by the difference between the two prices, becomes 23.3% higher. We also document that the policy has strong heterogeneous effects, whereby cash buyers are 8.4% more likely to buy a house than buyers who need financing after the policy. This is mainly because financing buyers prefer a higher reported price (and so less tax evasion) to secure higher bank loans but cash buyers do not have such concern.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128928279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this article, after a brief overview about the notion of third party funding, the author examines some problems that may arise using this tool in international arbitration and how this phenomenon is regulated by the law and the soft law in Hong Kong and Singapore.
{"title":"Third Party Funding: Gambler’s Nirvana or Useful Tool? Recent Developments in Hong Kong and Singapore","authors":"B. Cartoni","doi":"10.2139/SSRN.3258585","DOIUrl":"https://doi.org/10.2139/SSRN.3258585","url":null,"abstract":"In this article, after a brief overview about the notion of third party funding, the author examines some problems that may arise using this tool in international arbitration and how this phenomenon is regulated by the law and the soft law in Hong Kong and Singapore.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115245470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With the advance of science and technology, different types of tests are widely applied to the selection procedure by the employers, relevant issues become more and more prevalent. To clarify the legal issues about the usage of tests in the workplace, this article will introduce the practice of the laws respectively in the US, the UK, and Taiwan, analysing the similarities and differences among them, and come up with the proper way to deal with the issues regarding tests. As we all know, human resources are the most important asset of the enterprise. To make sure the job applicants or the employees have sufficient competence to complete the tasks and are able to make the most profits for enterprises, a large number of employers would implement the tests to find out the characteristics, health condition and competence of them so that the best employment decisions can be made. There is nothing to be blamed that the employers pursue the best profits, whilst in the selection process the employers probably discover the innate and unchangeable defects of the applicants or the employees, and take further adverse action against them, which can lead to a chain of issues concerning employment discrimination and privacy. In the US, the implementation of employment tests doesn’t necessarily constitute discrimination even if the employer obtain the personal information of the applicants or the employees through tests. Under the anti-discrimination laws, the action of the employers will not be able to be seen as employment discrimination unless the applicants or the employees suffer adverse treatment after taking the tests. The American with Disability Act, in substance, has its name of anti-discrimination law, also has the function of indirectly protecting workplace privacy. Even though the employers are allowed to conduct the employment tests, they cannot take any adverse action against the employees, except for the special conditions set by the law. In contrast, relevant laws in the UK focus on protecting personal privacy, which means tests done by employers will be treated as the privacy issues. Once the employer collect information from the applicants or the employees without following the requirements of relevant laws, he or she might constitute infringement of the workplace privacy. The Data Protection Act and the Employment Practice Code put the limitation on employers’ rights to gather those information they need from the applicants or the employees, especially information which can be categorized as what is so-called “sensitive data�?. Upon collecting, processing or using the personal information of employees through the tests, the employers are asked to make sure they meet one or more requirements before performing the tests. Also, the sensitive data can be obtained only if the employers meet at least one special requirement, which has the stricter limitation. On top of that, the eight principles regulated in the Data Protection Act play an importan
随着科学技术的进步，用人单位在选拔过程中广泛采用不同类型的测试，相关问题也越来越普遍。本文将分别介绍美国、英国和台湾的法律实践，分析它们之间的异同，并提出正确处理测试问题的方法，以澄清有关测试在工作场所使用的法律问题。众所周知，人力资源是企业最重要的资产。为了确保求职者或雇员有足够的能力完成任务，能够为企业创造最大的利润，大量的雇主会实施测试，以了解他们的特点，健康状况和能力，从而做出最佳的雇佣决策。这无可厚非，雇主追求最大的利润，但在选择过程中，雇主可能会发现申请人或雇员的先天和不可改变的缺陷，并对他们采取进一步的不利行动，这可能导致就业歧视和隐私问题的连锁反应。在美国，即使雇主通过测试获得了应聘者或雇员的个人信息，实施就业测试也不一定构成歧视。根据反歧视法，除非申请人或雇员在参加考试后受到不利待遇，否则雇主的行为将不能被视为就业歧视。《美国残疾人法》实质上有反歧视法之名，也有间接保护工作场所隐私的功能。尽管允许雇主进行就业测试，但除了法律规定的特殊条件外，雇主不得对雇员采取任何不利行动。相比之下，英国的相关法律侧重于保护个人隐私，这意味着雇主所做的测试将被视为隐私问题。一旦雇主在没有遵守相关法律要求的情况下收集应聘者或雇员的信息，就可能构成对工作场所隐私的侵犯。《数据保护法》(Data Protection Act)和《就业实务法》(Employment Practice Code)限制了雇主从求职者或雇员那里收集他们需要的信息的权利，尤其是那些可以归类为所谓“敏感数据”的信息。在通过测试收集、处理或使用雇员的个人信息时，要求雇主在进行测试之前确保他们符合一项或多项要求。此外，雇主必须满足至少一项特殊要求才能获得敏感数据，这一要求具有更严格的限制。除此之外，《数据保护法》规定的八项原则在工作场所隐私保护中发挥着重要作用。想要收集员工信息的雇主必须遵守所有的原则。即使雇主可以合法地实施测试，从申请人或雇员那里获取信息，也需要确保信息得到妥善处理，不会对申请人或雇员产生不利影响。在台湾，工作场所的测试原则上会被视为隐私问题。目前，规范就业考试的相关法律主要是《就业服务法》第5条第2款和《就业服务法实施细则》第1-1条。此外，台湾的《个人信息保护法》也涵盖了个人信息的收集、处理和使用问题。此外，还有一些从反歧视的角度制定的法律，这对台湾就业考试法律的建立是有益的。通过对美国、英国和台湾不同法系的进一步分析，我们可以清楚地发现，不同法系对待发行的方式是不同的。由于就业测试的广泛和频繁使用，引起了人们对问题的关注，本文建议建立避免就业歧视和保护工作场所隐私的双重制度，而不是重叠。此外，法律必须灵活、可调整，并与社会发展相适应。
{"title":"A Research on the Legal Issues Related to Employment Tests","authors":"Yun Hao Hsin","doi":"10.2139/ssrn.3200619","DOIUrl":"https://doi.org/10.2139/ssrn.3200619","url":null,"abstract":"With the advance of science and technology, different types of tests are widely applied to the selection procedure by the employers, relevant issues become more and more prevalent. To clarify the legal issues about the usage of tests in the workplace, this article will introduce the practice of the laws respectively in the US, the UK, and Taiwan, analysing the similarities and differences among them, and come up with the proper way to deal with the issues regarding tests. As we all know, human resources are the most important asset of the enterprise. To make sure the job applicants or the employees have sufficient competence to complete the tasks and are able to make the most profits for enterprises, a large number of employers would implement the tests to find out the characteristics, health condition and competence of them so that the best employment decisions can be made. There is nothing to be blamed that the employers pursue the best profits, whilst in the selection process the employers probably discover the innate and unchangeable defects of the applicants or the employees, and take further adverse action against them, which can lead to a chain of issues concerning employment discrimination and privacy. In the US, the implementation of employment tests doesn’t necessarily constitute discrimination even if the employer obtain the personal information of the applicants or the employees through tests. Under the anti-discrimination laws, the action of the employers will not be able to be seen as employment discrimination unless the applicants or the employees suffer adverse treatment after taking the tests. The American with Disability Act, in substance, has its name of anti-discrimination law, also has the function of indirectly protecting workplace privacy. Even though the employers are allowed to conduct the employment tests, they cannot take any adverse action against the employees, except for the special conditions set by the law. In contrast, relevant laws in the UK focus on protecting personal privacy, which means tests done by employers will be treated as the privacy issues. Once the employer collect information from the applicants or the employees without following the requirements of relevant laws, he or she might constitute infringement of the workplace privacy. The Data Protection Act and the Employment Practice Code put the limitation on employers’ rights to gather those information they need from the applicants or the employees, especially information which can be categorized as what is so-called “sensitive data�?. Upon collecting, processing or using the personal information of employees through the tests, the employers are asked to make sure they meet one or more requirements before performing the tests. Also, the sensitive data can be obtained only if the employers meet at least one special requirement, which has the stricter limitation. On top of that, the eight principles regulated in the Data Protection Act play an importan","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131031565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-12-04DOI: 10.1007/978-981-10-6286-5_2
Wen Wang, Alfred M. Wu, Fangzhi Ye
{"title":"Land Use Reforms: Towards Sustainable Development in China","authors":"Wen Wang, Alfred M. Wu, Fangzhi Ye","doi":"10.1007/978-981-10-6286-5_2","DOIUrl":"https://doi.org/10.1007/978-981-10-6286-5_2","url":null,"abstract":"","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124479284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Under the Hong Kong Immigration Ordinance, an authorised governmental employee has unlimited authority to demand that any person, at any time, anywhere, produce proof of identity. Usually, it is a police officer who demands, and, usually, it is a Hong Kong identity card which is produced.The demand is an arrest, because the Hong Kong resident is obliged to comply with the demand. The arrest is a warrantless arrest.A shortcoming of warrantless identity-card arrests is that police officers have no facts which are indicative, subjectively or objectively, of the commission of an identity-card offence by the Hong Kong resident who is arrested.The Immigration Ordinance does not guide police officers in the exercise of their discretion to arrest persons for production of identity cards. That is contrary to due course of law. It is impermissible to leave police officers to their own devices.For the public at large, the Rule of Law is undercut by identity-card arrests, in that the Immigration Ordinance does not give to Hong Kong residents notice of when and why they will be arrested for that purpose. Police officers make ad-hoc demands for production of identity cards, although the Rule of Law prohibits ad-hoc official action.The governmental motivation for unlimited identity-card arrests is social control of persons on the lowest rungs of the socio-economic ladder. Teenage Chinese males are subjected most often to identity-card arrests. Businessmen, businesswomen, and moneyed foreigners are not arrested at all.See also ‘How to Interpret, and Not Interpret, the Basic Law of Hong Kong.’ http://ssrn.com/abstract=1451237.
{"title":"Police Demands for Hong Kong Identity Cards","authors":"S. Kruger","doi":"10.2139/SSRN.1451238","DOIUrl":"https://doi.org/10.2139/SSRN.1451238","url":null,"abstract":"Under the Hong Kong Immigration Ordinance, an authorised governmental employee has unlimited authority to demand that any person, at any time, anywhere, produce proof of identity. Usually, it is a police officer who demands, and, usually, it is a Hong Kong identity card which is produced.The demand is an arrest, because the Hong Kong resident is obliged to comply with the demand. The arrest is a warrantless arrest.A shortcoming of warrantless identity-card arrests is that police officers have no facts which are indicative, subjectively or objectively, of the commission of an identity-card offence by the Hong Kong resident who is arrested.The Immigration Ordinance does not guide police officers in the exercise of their discretion to arrest persons for production of identity cards. That is contrary to due course of law. It is impermissible to leave police officers to their own devices.For the public at large, the Rule of Law is undercut by identity-card arrests, in that the Immigration Ordinance does not give to Hong Kong residents notice of when and why they will be arrested for that purpose. Police officers make ad-hoc demands for production of identity cards, although the Rule of Law prohibits ad-hoc official action.The governmental motivation for unlimited identity-card arrests is social control of persons on the lowest rungs of the socio-economic ladder. Teenage Chinese males are subjected most often to identity-card arrests. Businessmen, businesswomen, and moneyed foreigners are not arrested at all.See also ‘How to Interpret, and Not Interpret, the Basic Law of Hong Kong.’ http://ssrn.com/abstract=1451237.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133581944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Drawing upon data interviews with Chinese judges who were involved in the decision-making process, we develop two variables for analyzing the influence of social ties, or guanxi, in the judicial setting. The first differentiates the strength of guanxi – whether it is strong or weak. The second distinguishes whether the guanxi source is from a supervisor who has a role in affecting the benefit or the career development of the target judge. We argue that instead of working independently, these two variables interact and often mutually reinforce. With this typology, we contrast the means and outcomes of four types of guanxi. This article deepens scholarly understanding on the operation of guanxi in Chinese courts. Our framework explains why shady practices that fuel favoritism and undermine the development of legal professionalism are difficult to pin down and stem out.
{"title":"‘It Must Be Rock Strong!’: Guanxi's Impact on Judicial Decision-Making in China","authors":"Xin He, K. Ng","doi":"10.2139/ssrn.2909432","DOIUrl":"https://doi.org/10.2139/ssrn.2909432","url":null,"abstract":"Drawing upon data interviews with Chinese judges who were involved in the decision-making process, we develop two variables for analyzing the influence of social ties, or guanxi, in the judicial setting. The first differentiates the strength of guanxi – whether it is strong or weak. The second distinguishes whether the guanxi source is from a supervisor who has a role in affecting the benefit or the career development of the target judge. We argue that instead of working independently, these two variables interact and often mutually reinforce. With this typology, we contrast the means and outcomes of four types of guanxi. This article deepens scholarly understanding on the operation of guanxi in Chinese courts. Our framework explains why shady practices that fuel favoritism and undermine the development of legal professionalism are difficult to pin down and stem out.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126807031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2017-01-14DOI: 10.1017/9781316658925.004
J. Leng, Shen Wei
This chapter provides an overview of the contract law system in the People’s Republic of China (PRC). The central theme of this chapter is that while the black letter contract law has indicated a trend of convergence moving towards some basic norms which appear in other countries’ contract laws and international conventions, enforcement of contract law shows a visible trend of moving towards a hybrid regime combining features of both formal and informal enforcement mechanisms. This paradigm of evolution reveals the intricacies and complexities in China’s contract law regime as well as rule of law movement in general. This chapter will demonstrate how this peculiar pattern of legal development has been formed and how it could inform our understanding of possibilities and ramifications of legal convergence and persistence in an increasingly globalized world.
{"title":"The Evolution of Contract Law in China: Convergence in Law But Divergence in Enforcement?","authors":"J. Leng, Shen Wei","doi":"10.1017/9781316658925.004","DOIUrl":"https://doi.org/10.1017/9781316658925.004","url":null,"abstract":"This chapter provides an overview of the contract law system in the People’s Republic of China (PRC). The central theme of this chapter is that while the black letter contract law has indicated a trend of convergence moving towards some basic norms which appear in other countries’ contract laws and international conventions, enforcement of contract law shows a visible trend of moving towards a hybrid regime combining features of both formal and informal enforcement mechanisms. This paradigm of evolution reveals the intricacies and complexities in China’s contract law regime as well as rule of law movement in general. This chapter will demonstrate how this peculiar pattern of legal development has been formed and how it could inform our understanding of possibilities and ramifications of legal convergence and persistence in an increasingly globalized world.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"158 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122635874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-10-19DOI: 10.1163/23525207-12340020
Shuai Guo
The signature of the free trade agreement between China and Korea (China-Korea FTA) on 1 June 2015 marked the first of this type in North-eastern Asia. Noteworthy is that Chapter 15 thereof, which has 31 articles, is dedicated to intellectual property rights (IPR). The IPR chapter covers general principles, copyright and related rights, trademarks, patents and utility model, genetic resources, traditional knowledge and folklore, plant variety protection, undisclosed information, and industrial design. This paper examines the IPR provisions in the China-Korea FTA against the background of the evolving international regime for IPR protection and particularly the IPR provisions in the existing FTAs which China has concluded and those Korea has concluded respectively, and then provides a critical evaluation of the IPR provisions in the China-Korea FTA. It argues that China-Korea FTA is a result of the convergence of various IPR regimes that both countries are shaping separately or jointly, and may serve as a model for upcoming FTAs.
{"title":"A Story of Convergence of IPR Regimes: The IPR Chapter in the China-Korea Free Trade Agreement","authors":"Shuai Guo","doi":"10.1163/23525207-12340020","DOIUrl":"https://doi.org/10.1163/23525207-12340020","url":null,"abstract":"The signature of the free trade agreement between China and Korea (China-Korea FTA) on 1 June 2015 marked the first of this type in North-eastern Asia. Noteworthy is that Chapter 15 thereof, which has 31 articles, is dedicated to intellectual property rights (IPR). The IPR chapter covers general principles, copyright and related rights, trademarks, patents and utility model, genetic resources, traditional knowledge and folklore, plant variety protection, undisclosed information, and industrial design. This paper examines the IPR provisions in the China-Korea FTA against the background of the evolving international regime for IPR protection and particularly the IPR provisions in the existing FTAs which China has concluded and those Korea has concluded respectively, and then provides a critical evaluation of the IPR provisions in the China-Korea FTA. It argues that China-Korea FTA is a result of the convergence of various IPR regimes that both countries are shaping separately or jointly, and may serve as a model for upcoming FTAs.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115201684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The vast literature on judicial behavior in China has generated valuable insights, yet huge gaps remain open. Lacking in particular is a coherent and trans-substantive analytical framework that can demystify the complex and elusive boundary between Chinese law and politics and explain major post-filing actions of a Chinese court, i.e., what the court does regarding its jurisdiction, which dispute resolution method it prefers (mediation versus adjudication), to what extent it applies the law fairly, how it exercises its discretion in adjudication, and how it subsequently enforces the judgment. Behind all these components of judicial behavior, I contend, lies a coherent power logic. This Article articulates that logic by presenting a unified positive theory of nuanced power distribution.
{"title":"The Power Logic of Justice in China","authors":"Ji Li","doi":"10.1093/AJCL/AVX012","DOIUrl":"https://doi.org/10.1093/AJCL/AVX012","url":null,"abstract":"The vast literature on judicial behavior in China has generated valuable insights, yet huge gaps remain open. Lacking in particular is a coherent and trans-substantive analytical framework that can demystify the complex and elusive boundary between Chinese law and politics and explain major post-filing actions of a Chinese court, i.e., what the court does regarding its jurisdiction, which dispute resolution method it prefers (mediation versus adjudication), to what extent it applies the law fairly, how it exercises its discretion in adjudication, and how it subsequently enforces the judgment. Behind all these components of judicial behavior, I contend, lies a coherent power logic. This Article articulates that logic by presenting a unified positive theory of nuanced power distribution.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125088771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
FinTech innovation has thrived in China in the past decade. As one leading sector of FinTech innovation, the P2P lending market has experienced an unparalleled growth in China with the Chinese market acceding to be the largest market in the world. This rapid development, while it satisfies the financing need, has brought about industrial risks and regulatory challenges. This article starts with an empirical survey of the explosive development of the P2P lending industry in China followed by an examination of its underlying economic, institutional and technological driving forces. The second part of this article then turns to inspecting, comparatively, several features of regulatory approaches as adopted by the newly established regulatory regime. The third part interrogates two critical challenges which have not been resolved by the new regulatory regimes. The final part concludes. The tentative conclusion is that the newly established regime is a welcome regulatory development. Not only has it provided comprehensive legal protection for participants of the P2P lending market in China; it may also contribute a new model to the global regulatory map for the sustainable growth of the P2P lending market, and the FinTech industry in general.
{"title":"Recent Development of Fintech Regulation in China: A Focus on the New Regulatory Regime for the P2P Lending (Loan-Based Crowdfunding) Market","authors":"Chuanman You","doi":"10.1093/CMLJ/KMX039","DOIUrl":"https://doi.org/10.1093/CMLJ/KMX039","url":null,"abstract":"FinTech innovation has thrived in China in the past decade. As one leading sector of FinTech innovation, the P2P lending market has experienced an unparalleled growth in China with the Chinese market acceding to be the largest market in the world. This rapid development, while it satisfies the financing need, has brought about industrial risks and regulatory challenges. This article starts with an empirical survey of the explosive development of the P2P lending industry in China followed by an examination of its underlying economic, institutional and technological driving forces. The second part of this article then turns to inspecting, comparatively, several features of regulatory approaches as adopted by the newly established regulatory regime. The third part interrogates two critical challenges which have not been resolved by the new regulatory regimes. The final part concludes. \u0000The tentative conclusion is that the newly established regime is a welcome regulatory development. Not only has it provided comprehensive legal protection for participants of the P2P lending market in China; it may also contribute a new model to the global regulatory map for the sustainable growth of the P2P lending market, and the FinTech industry in general.","PeriodicalId":356075,"journal":{"name":"Chinese Law eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128411969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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