Markets and Constitutions

At present in China the extension and development of reform policies have produced a growing consensus that the market economy must operate under the rule of law. This concept means that not only must commercial transactions and activities be regulated by the legal system, but, more importantly, the Chinese government must operate within a legal framework. In order for this to happen, a real constitution must be adopted in China and with it the underlying spirit of constitutionalism must become the >i>modus operandi>/i> of governmental action. That is, a constitution must emerge as the incarnation of the highest authority of law.