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International financial laws: Development trend and implications to China (No 47, 2015)


Zhang Chenhui, Zheng Xingchen & Zheng Hong, Research Team on "Strategy of Financial Reform in China" of DRC

Research Report No 47, 2015 (Total 4732)


This paper provides a comparison between the two international law systems, the Anglo-American Law System and the Continental Law System, in terms of differences in the field of philosophical foundation, law origins, law forms, law inference and law application. In the internationalization background of law, the two systems are now tending to be merged together. The interactional development of case law and legislation in financial law are especially evident. What needs to be pointed out is that propelled by the international financial crisis, the two law systems are being perfected, and relevant practice has great implications on China. It mainly includes: 1. Increase law breaching costs of those individuals involved and bring into play the basic functions of the deterrent power of laws to protect the market order. 2. Enhance the market transparency, combat fraud and perfect the protection mechanism of financial consumers to improve the actual effects. 3. Emphasize the potential risks of supervision gap, consummate the supervision distribution mechanism between the central and local governments together with the cooperative supervision in the field of working group. And 4. Attach importance to perfect the restrictive rules of high-stake financial activities, as well as the risk isolation mechanism and emergency intervention system.