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Article: Policy Functions As Law: Legislative Forbearance In China's Asset Management Companies

TitlePolicy Functions As Law: Legislative Forbearance In China's Asset Management Companies
Authors
Issue Date2006
PublisherUniversity of California at Los Angeles, School of Law. The Journal's web site is located at http://www1.law.ucla.edu/~pblj/
Citation
UCLA Pacific Basin Law Journal, 2006, v. 23 n. 2, p. 129-171 How to Cite?
AbstractSince 1979, the People's Republic of China (China) has been involved in an on-going process of economic reform with the goal of transforming from a centrally planned economy to a socialist market economy. As one aspect of this process of transition, China has had to address issues of financial-sector and state-owned-enterprise (SOE) reform. With China's accession to the World Trade Organization in 2003 and its related commitments to foreign competition and financial sector reform, the process of transition has taken on a new urgency. In its process of enterprise and financial reform, China has used a policy of gradualism and legislative forbearance, i.e. a certain ambiguity and flexibility in legislating and interpreting policy through law. This is especially apparent in relation to the intersection of enterprise and financial restructuring through asset management companies designed to address non-performing loans in China's banking and SOE sectors. While this approach to the institutionalization of policy through legislative forbearance is a pragmatic approach to difficult issues, it exposes China's continued development to risk by weakening the progression of the rule of law.
Persistent Identifierhttp://hdl.handle.net/10722/74673
ISSN

 

DC FieldValueLanguage
dc.contributor.authorHsu, BFCen_HK
dc.contributor.authorArner, DWen_HK
dc.contributor.authorWan, Qen_HK
dc.date.accessioned2010-09-06T07:03:48Z-
dc.date.available2010-09-06T07:03:48Z-
dc.date.issued2006en_HK
dc.identifier.citationUCLA Pacific Basin Law Journal, 2006, v. 23 n. 2, p. 129-171en_HK
dc.identifier.issn0733-401Xen_HK
dc.identifier.urihttp://hdl.handle.net/10722/74673-
dc.description.abstractSince 1979, the People's Republic of China (China) has been involved in an on-going process of economic reform with the goal of transforming from a centrally planned economy to a socialist market economy. As one aspect of this process of transition, China has had to address issues of financial-sector and state-owned-enterprise (SOE) reform. With China's accession to the World Trade Organization in 2003 and its related commitments to foreign competition and financial sector reform, the process of transition has taken on a new urgency. In its process of enterprise and financial reform, China has used a policy of gradualism and legislative forbearance, i.e. a certain ambiguity and flexibility in legislating and interpreting policy through law. This is especially apparent in relation to the intersection of enterprise and financial restructuring through asset management companies designed to address non-performing loans in China's banking and SOE sectors. While this approach to the institutionalization of policy through legislative forbearance is a pragmatic approach to difficult issues, it exposes China's continued development to risk by weakening the progression of the rule of law.-
dc.languageengen_HK
dc.publisherUniversity of California at Los Angeles, School of Law. The Journal's web site is located at http://www1.law.ucla.edu/~pblj/en_HK
dc.relation.ispartofUCLA Pacific Basin Law Journalen_HK
dc.titlePolicy Functions As Law: Legislative Forbearance In China's Asset Management Companiesen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0733-401X&volume=23:2&spage=129&epage=171&date=2007&atitle=Policy+Functions+As+Law:+Legislative+Forbearance+In+China%27s+Asset+Management+Companiesen_HK
dc.identifier.emailHsu, BFC: bhsu@hkucc.hku.hken_HK
dc.identifier.emailArner, DW: dwarner@HKUCC.hku.hken_HK
dc.identifier.authorityHsu, BFC=rp01002en_HK
dc.identifier.authorityArner, DW=rp01237en_HK
dc.identifier.hkuros128385en_HK

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