Civil Law of the People's Republic of China: Legislative Process Materials Collection (2000)

Author: Zhu Shaoping
Publisher:
Publish Date: 2004-06-01
Features: China urgently needs a new bankruptcy system. The current Enterprise Bankruptcy Law of China only provides general provisions for the bankruptcy of state-owned enterprises. The main bankruptcy chapter in the Civil Procedure Law of China does not contain relevant provisions that can be applied to the growing number of bankruptcy cases involving domestic private enterprises. As a result, the existing bankruptcy law cannot encourage and protect domestic and foreign investment industries. Since 1997, the German Technical Cooperation Agency (GTZ) has been working with the Financial and Economic Commission of the National People's Congress (NPC) of the People's Republic of China to promote China's legal system development and the growth of its market economy. One of the main tasks of this cooperation project is to draft a new bankruptcy law for China. China urgently needs a new bankruptcy system. The current Enterprise Bankruptcy Law of China only provides general provisions for the bankruptcy of state-owned enterprises. The main bankruptcy chapter in the Civil Procedure Law of China does not contain relevant provisions that can be applied to the growing number of bankruptcy cases involving domestic private enterprises. As a result, the existing bankruptcy law cannot encourage and protect domestic and foreign investment industries. Since 1994, a drafting working group of the Financial and Economic Commission of the National People's Congress has been working on drafting a new bankruptcy law. Due to concerns about the social and economic consequences of implementing a new bankruptcy system, the new bankruptcy law has been resisted by some and has not been passed by the Standing Committee of the National People's Congress. After China joined the World Trade Organization in December 2001, this long-delayed new bankruptcy law became a major driving force for urgent state-owned enterprise reforms in China, while also marking an important step in aligning China's legal system with international standards. This book covers the presentations and comments made by domestic and foreign experts at the International Symposium on China's Draft Bankruptcy Law (June 2000 Version) held in Changsha, Hunan Province, from July 1 to 8, 2000. This book is a compilation of the latest perspectives and spirit regarding China's future bankruptcy law, and it will undoubtedly have a significant impact on the future elaboration and implementation of the new bankruptcy law.