중국 자본시장법제의 변화

Change of the Legal system for Capital Markets in China - Focused on Revision of Securities Law, Corporation Law and Foreign Exchange Control Ordinance -

As China has a comparable scale of economy to the US, it is trying to set up the legal system for capital markets befitting the economic power. First, the stock laws were reformed to consolidate the market management through the clarification of a share issue condition, the imposition of information posting obligation, the restriction of insider trading, the protection of investors,and the reinforcement of liability. Also, deregulation was promoted by permitting stock derivative trade and stock loan service and loosening the division of stock, insurance, and bank. Second, corporation law was revised to ease requirements for company inception, protect the right of stockholders and creditors, and strengthen the corporate governance and the internal control system. This resulted in the improvement of investment climate in some part. Last, the foreign exchange control ordinance was reformed to promote the balanced management of foreign currency transfer. The foundation was built up to strengthening crackdown on illegal transfer of foreign currency. Also, abolishing compulsory exchange of foreign currency and expanding the paths of capital outflow for capital balance foreign currency management showed the will of opening the capital market. Despite this series of changes, the legal system for capital markets in China has not been organized integrally and still lacks in part compared to those of capitalist nations. However, it should be noted that China with socialism economic system tried to follow the globalization and open capital markets. And the legal system of capital markets in China, the second largest economy, represents much to us and so needs to put attention on the change of it.