Zhu, San-Zhu; (2000) Securities Regulation in China During an Era of Change. Doctoral thesis (Ph.D), UCL (University College London).

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Abstract

In the 1990s the world witnessed the collapse of communism in the former Soviet Union and Eastern Europe, economic reforms in India, Southeast Asia, and Latin America, and liberalization and deregulation in many developing countries. The past two decades have been an era of worldwide reform and change. China's economic reform process, which started in the late 1970s, is part of this worldwide reform and change. An entirely new securities market has emerged in China, and it has become one of the most important securities markets in the developing countries. A securities regulatory framework has been established in China to oversee the market and to protect investors. This thesis addresses the principal regulatory issues which have arisen in course of developing China's law of securities regulation. Following Chapter I, which provides a general background to China's emerging securities regulatory framework, Chapter II and Chapter III examine the scope of regulation and the institutional structure respectively. Chapters IV and V look at basic regulatory frameworks for public offerings of securities and the secondary trading market. Chapter VI considers the basic regulatory framework for foreign participation in China's securities market. Chapter VII and Chapter VIII examine two facets of China's securities regulatory regime: internationalization and the adoption of foreign securities laws on the one hand, and maintaining socialist characteristics on the other. These two facets reflect generally the uncertainty which China is facing in its transformation from a socialist society to an economically and ideologically mixed society. Chapter IX examines certain issues from the point of view of investor protection. The concluding chapter summarises the arguments presented in previous chapters and offers some reflections on the development of China's securities regulation in an era of change. Following the concluding chapter a brief account is given of the 1998 Securities Law of the People's Republic of China. The main findings of this study and the significance of these findings can be summarised as follows. The development of the law of securities regulation in China in the past years shows that China can not transcend the limitations of its past as a socialist country and as a socialist legal system in its effort to build a securities market and a corresponding system of securities law. It inevitably has distinctive Chinese own characteristics, although there are common characteristics shared with the securities legislation of other countries. The future development of this area of law in China could be slow or could be rapid, and its direction could differ, depending directly upon China's overall economic reforms and indirectly upon China's political and social reforms.

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