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China's Non-Performing Loans: History, Current Infrastructure, and the Future of Bad Debt in China 中国不良贷款:中国不良贷款的历史、现状和未来
Pub Date : 2014-10-04 DOI: 10.2139/SSRN.2505450
Paul Kossof
The People’s Republic of China is the world’s second largest economy. Beginning in the 1980s, substantial economic growth combined with political and regulatory changes led to a dramatic increase in non-performing loans. By the turn of the century, 1/4 of loans held by Chinese banks were overdue. This article examines how China managed its non-performing loans, discusses bad debt in China today, and provides suggestions for how it should tailor its non-performing loan strategy as its economy continues to slow.
中华人民共和国是世界第二大经济体。从1980年代开始,经济的大幅增长加上政治和监管的变化导致不良贷款急剧增加。到世纪之交,中国各银行持有的贷款有四分之一逾期未还。本文考察了中国如何管理不良贷款,讨论了当今中国的不良贷款问题,并就如何在经济持续放缓的情况下调整不良贷款策略提出了建议。
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引用次数: 3
Curbing the Power of Developers? Law and Power in Chinese and English Gated Urban Enclaves 限制开发者的权力?中英文封闭城市飞地的法律与权力
Pub Date : 2013-09-30 DOI: 10.1016/J.GEOFORUM.2013.01.011
S. Blandy, Feng Wang
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引用次数: 22
Right to Shareholder Inspection in Hong Kong 香港股东检查权
Pub Date : 2013-01-24 DOI: 10.2139/SSRN.2206636
A. Fong
The recent case of Opes Asia Development Ltd consolidates and contributes to understanding of the emergent shareholder right to inspection in Hong Kong. This article seeks to analyze the decision and its implications for shareholders. While noting that the court is moving in the right direction, this article points to the need for a more generous interpretation of the right.
最近的Opes亚洲发展有限公司的案例巩固并有助于理解香港新兴的股东检查权。本文试图分析这一决定及其对股东的影响。虽然注意到法院正朝着正确的方向前进,但本文指出需要对这项权利进行更慷慨的解释。
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引用次数: 0
Franchise Law in China: The Interpretation and Application of the 2007 Franchise Regulation 中国特许经营法:2007年《特许经营条例》的解释与适用
Pub Date : 2012-07-12 DOI: 10.2139/ssrn.3418680
Z. Wang, A. Terry
The introduction of the franchising concept by the fast food franchising pioneers was a necessary step in the development of franchising in China but not the only step. The concept of franchising was unknown to the law and, without official recognition or a regulatory framework, franchising could not develop as a distinct and specialised business contract. The development of the legal and regulatory regime for franchising has been highly influential in the development of the franchising sector. This chapter reviews the development of the regulatory regime for franchising in China and examines the impact of the 2007 Franchise Regulation. It addresses franchise contract dispute cases and examines the application and interpretation of the 2007 Franchise Regulation by the courts.
快餐特许经营先驱者对特许经营理念的引入是特许经营在中国发展的必要步骤,但不是唯一的步骤。特许经营的概念在法律上是未知的,在没有官方认可或监管框架的情况下,特许经营不可能发展成为一种独特的、专门的商业合同。特许经营法律法规制度的发展对特许经营行业的发展具有重要影响。本章回顾了中国特许经营监管制度的发展,并考察了2007年《特许经营条例》的影响。它处理特许经营合同纠纷案件,并审查法院对2007年《特许经营条例》的适用和解释。
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引用次数: 0
The Journal of Chinese Tax and Policy (Editorial) 中国税收与政策杂志(社论)
Pub Date : 2012-03-02 DOI: 10.2139/SSRN.2199246
Eva Huang
Editorial of the Journal of Chinese Tax and Policy, Vol. 1, No. 2, February 2012.
《中国税收与政策》,2012年2月第1卷第2期。
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引用次数: 0
The Autonomy of Law and a Case of Judicial Exceptionalism in Post-War Hong Kong 战后香港的法律自治与司法例外主义个案
Pub Date : 2012-01-10 DOI: 10.2139/ssrn.1982466
R. Price
A comprehensive body of case law developed in the immediate postwar years which interpreted and applied Proclamation No. 15 - Landlord and Tenant (1945) and this article probes it with reference to the precepts of "the relative autonomy of law" which was proposed by a number of theorists in the 1960s and 1970s.The BMA’s policy rent control and preservation of residential tenure were realized by a sympathetic predisposition towards tenants in the Tenancy Tribunal on natural justice grounds which, on appeal, the District Court shored up by reference to the legal requirements of the Proclamation. In the major cases when the landlord prevailed in the District Court, it is notable that the Tribunal was, in one case, admonished for not having a sufficiently hard-headed reason for it siding with the tenant (Ching Sum Co) and, in the other, the landlord won because the Tribunal made a factual error in relation to the bona fides of the tenant (Re On Lok Co). A closer examination of the case law shows that the District Court permitted the executive’s pro-tenant policy to prevail if the reasons for decision in a tenant’s favor in the Tenancy Tribunal could be dressed up in legal terms and the tenant was not so repulsive as to make a finding of their bona fides impossible. This note argues that judicial independence was proclaimed in Hong Kong by the Bench in exceptional cases while the trend of decisions indicates nothing short of loyalty to the executive.
在战后的几年里,一个全面的判例法体系发展起来,解释和应用了第15号公告-房东和房客(1945),本文参考了一些理论家在20世纪60年代和70年代提出的“法律的相对自治”的原则来探讨它。楼宇管理局的租金管制政策及保留租住权,是由于租约审裁处基于自然公正的理由,对租户持同情态度,而区域法院在上诉时,亦参考《公告》的法律规定,予以支持。在业主在区域法院胜诉的主要案件中,值得注意的是,在一宗案件中,审裁处因没有足够理智的理由支持承租人(清森公司)而被告诫,而在另一宗案件中,由于审裁处在有关承租人(瑞安乐公司)的善意方面犯了事实错误,房东获胜。仔细研究判例法就会发现,如果租务审裁处作出有利于租客的决定的理由可以用法律术语加以修饰,而租客又不至于令人反感,以致无法裁定其确有诚意,那么区域法院就会准许行政人员的亲租客政策占上风。本报告认为,香港的司法独立是由香港高等法院法官席在特殊情况下宣布的,而判决的趋势则显示出对行政当局的忠诚。
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引用次数: 0
Governance Infrastructure and Location of Foreign Direct Investment in the People’s Republic of China 中华人民共和国外商直接投资的治理、基础设施和区位
Pub Date : 2011-11-24 DOI: 10.2139/ssrn.1964087
Jia He, Oliver M. Rui, Xiaolei Zha
In this study, using hand-collected data on FDI for more than 200 cities, the authors examine whether the Lucas paradox of capital exists within the PRC by adopting the dynamic panel data generalized method of moments (GMM) framework to avoid the potential endogeneity issue. Using both provincial- and city-level data, the empirical results show that FDI flows to the PRC, as proxied by total GDP and per capita GDP, favor rich regions over poor regions. They also find that regional economic growth has no significant impact on FDI. These findings support the existence of the Lucas paradox in the PRC.
在本研究中,作者利用200多个城市的FDI手工数据,采用动态面板数据广义矩量法(GMM)框架来检验中国境内是否存在资本的卢卡斯悖论,以避免潜在的内生性问题。利用省、市两级数据,实证结果表明,以GDP总量和人均GDP为代表的FDI流向中国,富裕地区比贫困地区更受青睐。他们还发现,区域经济增长对FDI没有显著影响。这些发现支持了卢卡斯悖论在中国的存在。
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引用次数: 2
Chinese Manufacturing Firms’ Overseas Direct Investment (ODI): Patterns, Motivations and Challenges 中国制造业企业海外直接投资:模式、动机与挑战
Pub Date : 2011-06-01 DOI: 10.22459/RC.06.2011.07
Bijiun Wang, Huiyao Wang
This paper examines the more recent phenomenon of China's outward direct investment (ODI), which has surged since 2004 to make China the world's largest developing economy investor and fifth largest investor after United States, France, Japan and Germany. Wang and Wang focus on the ODI of China's manufacturing substanitially different from the world that faced multinational corporations (MNCs) decades ago. As such, their motivations and competitive advantages are also quite different, with the majority of Chinese firms seek technology, rather than cheap labour, and with the support of a range of preferential policies under the central government's "going out" strategy. This (often non transparent) government support poses the fairly unique problem facing Chinese firms in the global markets: that of convincing host-country political parties, lobby groups, competitors, communities and the media that "ODI with Chinese characteristics" is not something to be feared.
本文考察了中国对外直接投资(ODI)的最新现象,自2004年以来,中国的对外直接投资(ODI)激增,使中国成为世界上最大的发展中经济体投资国,仅次于美国、法国、日本和德国。Wang和Wang关注的是中国制造业的对外直接投资,这与几十年前跨国公司所面临的世界有很大不同。因此,他们的动机和竞争优势也大不相同,大多数中国公司寻求技术,而不是廉价劳动力,并得到中央政府“走出去”战略下一系列优惠政策的支持。这种(通常是不透明的)政府支持给中国企业在全球市场上带来了相当独特的问题:如何说服东道国的政党、游说团体、竞争对手、社区和媒体,“具有中国特色的对外直接投资”并不可怕。
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引用次数: 13
Reform on Private International Law for Consumer Contract in China 中国消费者合同的国际私法改革
Pub Date : 2010-10-05 DOI: 10.2139/SSRN.2574148
Ying Yu
The long awaited first Act of China Private International Law, Law of Application of Law for Foreign-related Civil Relations of People’s Republic of China (LALFCR), was adopted on October 28 2010, and will come into force on April 1 2011. Unprecedented, the legislation of China expresses its protective attitude of private international law to consumer evidenced by Article 42 of LALFCR. There is one special article for consumer contract’s applicable rule among all the 52 articles, which is the first protective choice of law rule in China legislative history.This article introduces the background of this new legislation and applicable rules of Cross-border Consumer Contracts.
期待已久的中国国际私法第一部《中华人民共和国涉外民事关系法律适用法》于2010年10月28日通过,并将于2011年4月1日起施行。中国的立法前所未有地体现了国际私法对消费者的保护态度,这一点以LALFCR第42条为证。在这52条中,有一条专门规定了消费者合同的适用规则,这是中国立法史上第一次对法律规则的保护选择。本文介绍了这一新立法的背景和跨境消费者合同的适用规则。
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引用次数: 0
Demystifying the Chinese Sovereign Wealth Fund 揭秘中国主权财富基金
Pub Date : 2010-07-17 DOI: 10.2139/SSRN.1641628
Li Guo
The United States (“U.S.”) Federal Reserve (“Fed”) categorized the China Investment Corporation (“CIC”) and Central Huijin Investment Limited (“Huijin”) as Bank Holding Companies under U.S. financial law, and granted CIC and Huijin some important conditional exemptions. Exemptions, such as non-banking restrictions, are key for the CIC and the Huijin to perform their functions and are consistent with the prior practice of the U.S. Fed. Legal and factual analyses show that currently the CIC does not have an intention to apply for Financial Holding Company status. Nevertheless, the CIC should pay close attention to regulatory principles such as the system-wide supervisory approach and the source of strength doctrine. In order to ease the widespread misgivings the international community harbors against the CIC, China should enhance transparency, and join the global effort to govern and streamline the Sovereign Wealth Fund (“SWF”) in seeking mutual trust and cooperation.
美国(“美国”)联邦储备委员会(“美联储”)根据美国金融法将中国投资公司(“CIC”)和中央汇金投资有限公司(“汇金”)归类为银行控股公司,并给予中投公司和汇金一些重要的有条件豁免。非银行限制等豁免是中投公司和汇金公司履行职能的关键,这与美联储之前的做法是一致的。法律和事实分析表明,中投公司目前没有申请金融控股公司地位的意图。然而,中投应该密切关注监管原则,如全系统监管方法和力量来源原则。为消除国际社会对中投公司的普遍疑虑,中方应提高透明度,与国际社会一道治理和精简主权财富基金,增进互信与合作。
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Chinese Law eJournal
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