China’s Courts Give NEW Guidelines on Capital Markets Some Teeth

Image: Gerd Altmann, Business (Publicdomainpictures.net)

美国众议院监督和问责委员会正在调查美国上市公司会计监督委员会是否“被赋予权力以确保其对[中国]公司的审计师进行有意义的监督”。委员会应欢迎中国国务院最近发布的一份文件,该文件旨在通过加强信息披露等措施来改善中国资本市场。有趣的是,中国最高人民法院已经采取了措施,而如果全国法院都一致遵循这些措施,就可以壮大该文件的力量。Read more

China’s Courts Give NEW Guidelines on Capital Markets Some Teeth

Image: Gerd Altmann, Business (Publicdomainpictures.net)

The U.S. House Committee on Oversight and Accountability is investigating whether the Public Company Accounting Oversight Board (“PCAOB”) is “empowered to ensure meaningful oversight of auditors of [China]-based firms”. The Committee should welcome a document recently released by China’s State Council that aims at improving the country’s capital markets by strengthening information disclosure, among other measures. Interestingly, the Supreme People’s Court of China has taken steps that, if followed consistently by all courts in the country, can empower this document.Read more

Priorities of the BRICS Under Russia’s Leadership

Image: Sergey Golopolosov, Moscow Kremlin At Night (Publicdomainpictures.net)

俄罗斯于1月1日开始担任为期一年的金砖国家主席国,并迅速召开会议将“增加本国货币在相互结算中的比例”确定为金砖国家的重要工作。俄罗斯有意减少世界对美元的依赖是众所周知的。俄罗斯在担任金砖国家主席国期间能否成功实现这一目标?正如本期《丝络速递™》所解释的那样,这问题的答案取决于俄罗斯能否利用金砖国家成员的支持,吸引大量国家加入该组织。Read more

Priorities of the BRICS Under Russia’s Leadership

Image: Sergey Golopolosov, Moscow Kremlin At Night (Publicdomainpictures.net)

Russia began its one-year BRICS presidency on January 1 and quickly convened a meeting, at which “increasing the proportion of national currencies in mutual settlements” was identified as an important task for the BRICS. Russia’s interest in reducing the world’s reliance on the U.S. dollar is widely known. Will the country succeed in accomplishing this goal during its BRICS presidency? The answer, as explained in this issue of SinoExpress™, depends on whether Russia will be able to leverage the support of existing BRICS members to attract a large number of countries to join the organization.Read more

In Brief

Image: Kai Stachowiak, Block Chain, Publicdomainpictures.net

在中国和其他三个司法管辖区近日宣布成功测试其区块链驱动的mBridge(“货币桥”)平台之后,国际上争相建立一个平台让许多国家能使用其中央银行数字货币(“央行数字货币”)来安全、高效、廉价地结算跨境交易的情况已经引起了更多关注。中国对货币桥的期望是什么?货币桥的成功是否会促使包括美国在内的其他国家认真考虑自己的央行数字货币计划?Read more

In Brief

Image: Kai Stachowiak, Block Chain, Publicdomainpictures.net

The race to have a platform through which many countries can use their central bank digital currencies (“CBDCs”) to safely, efficiently, and inexpensively settle cross-border deals has drawn even more attention after China and three other jurisdictions recently announced their success in testing their blockchain-powered platform, mBridge. What are China’s expectations for mBridge? Will the success of mBridge drive other countries, including the United States, to seriously consider their own CBDC plans?Read more

In Brief

Image: Peter Griffin, Rural China, Publicdomainpictures.net

中国《网络小额贷款业务管理暂行办法(征求意见稿)》于2020年底引起了全世界的关注,人们普遍认为该文件的监管要求导致蚂蚁集团的IPO受挫。中国对农村优先发展是否会使该暂行办法更快地获得通过,毕竟其明确的功能是为“农民”等服务?此外,目前对小额贷款业务的外商投资限制是否会取消?Read more

In Brief

Image: Peter Griffin, Rural China, Publicdomainpictures.net

China’s draft rules on online small loan business drew worldwide attention in late 2020 when the regulatory requirements therein were believed to have caused Ant Group’s IPO setback. Will China’s prioritized development of rural areas speed up the adoption of the draft rules, the explicit function of which is to serve, inter alia, “farmers”? Will current restrictions on foreign investment in this area be lifted?Read more

In Brief

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三十年前,中国发展“社会主义市场经济”的决定帮助增强了外国投资者的信心。今天,如果中国表现出类似的决心,在关键领域中带来积极的变化,外国投资者将有很强的理由继续看好中国市场。其中一个关键领域是对中国股市的监管。中国有监管工具来打击股市的违规行为。这些工具是否已经很好地被使用?Read more

In Brief

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Three decades ago, China’s decision to develop a “socialist market economy” helped bolster foreign investors’ confidence. Today, if China shows similar determination to bring about positive changes in crucial areas, foreign investors will have strong reasons for feeling optimistic about the Chinese market. One crucial area is the regulation of China’s stock market. China does have regulatory tools to combat irregularities in the stock market. Have these tools been used well? Read more

Guiding Case 109

Image: Kevin Casper, San Jose Costa Rica, Publicdomainpictures.net

2019 年 2 月,中国最高人民法院发布了指导案例109 号和另外五个指导性案例,以说明中国法院如何处理与该国“一带一路”倡议相关的问题。指导案例 109 号具体展示了最高人民法院如何坚守法律规则和原则来保护独立保函“见索即付”的制度价值。Read more

Guiding Case 109

Image: Kevin Casper, San Jose Costa Rica, Publicdomainpictures.net

In February 2019, the Supreme People’s Court of China released Guiding Case No. 109 and five other Guiding Cases to illustrate how Chinese courts handled issues related to the country’s Belt and Road Initiative.  Guiding Case No. 109 specifically shows the Supreme People’s Court’s firm adherence to legal rules and principles that protect the value of the “payment on demand” system of independent guarantees.Read more