Commercial law

Author: Sun Shuyun, Editor-in-Chief
Publisher:
Publish Date: 2006-01-01
Features: Commercial law is the legal department that regulates market transaction relationships and is a product of a more developed stage of market transactions. As an independent discipline of law, commercial law has become an undeniable fact. Whether in civil law or common law systems, whether adhering to a unified civil and commercial law system or a separated one, and regardless of whether a commercial code has been compiled, most developed countries in the contemporary world regard commercial law as an independent legal department and establish it as an independent discipline of law.
Internationally, commercial law is a department of law with a long history. It is generally believed that the direct historical origin of modern commercial law can be traced back to the Middle Ages, while its indirect historical origin dates back to ancient Greece and Rome. However, in China, due to special historical reasons, commercial law has never been given its due status. The legislation of specific commercial laws has only been a matter of recent years. Since 1992, the Standing Committee of the National People's Congress has successively formulated laws such as the Maritime Code, the Company Law, the Bills Law, the Commercial Bank Law, the Partnership Enterprise Law, the Sole Proprietorship Enterprise Law, the Insurance Law, the Securities Law, and the Trust Law. On October 27, 2005, the Company Law and the Securities Law were substantially amended. At the same time, a series of commercial laws, such as the Bankruptcy Law and the Insurance Law, are undergoing intensive revision and formulation.