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廖 凡



廖  凡

基本情况

廖凡,四川省资中县人,现任中国社会科学院国际法研究所研究员、科研外事处处长。他是中国社会科学院创新工程项目“‘一带一路’建设中的国际经济法律问题”首席研究员,中国国际经济法学会理事、中国国际经济贸易法学研究会国际金融法专业委员会副主任委员。他曾是美国哥伦比亚大学访问学者,并在中国国际经济贸易仲裁委员会、深圳国际仲裁院、新加坡国际调解中心担任仲裁员或专家调解员。他主持和参与世界银行、国家发展改革委员会、外交部、商务部、中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会、中国法学会、中国社会科学院等部门和机构的多项重大、重点课题。他先后获得中国青年政治学院法学学士学位、美国南方卫理公会大学法学硕士学位、北京大学法学博士学位。他的主要研究领域包括国际法基础理论、国际经济法和金融证券法。他迄今为止出版专著4部(含合著1部),在《法学研究》《中国法学》《人民日报》《欧洲商事组织法评论》等国内外刊物和媒体发表学术论文、译文、评论100余篇,其中多篇被《新华文摘》《中国社会科学文摘》《高等学校文科学术文摘》《人大复印资料》等转载。

教育及工作经历

  1995-1999  中国青年政治学院学习,获法学学士学位

  1999-2005  北京大学法学院学习(硕博连读),获法学博士学位

  2001-2002  美国南方卫理公会大学(SMU)法学院学习,获法学硕士学位

  2005-2007  中国社会科学院国际法研究所助理研究员

  2006-2007  美国哥伦比亚大学访问学者

  2007-2013  中国社会科学院国际法研究所副研究员

  2013-    中国社会科学院国际法研究所研究员

主要学术兼职

  中国国际经济法学会理事

  中国国际经济贸易法学研究会理事

  中国国际经济贸易法学研究会国际金融法专业委员会副主任委员

  北京市金融服务法学研究会常务理事

  北京市法学会互联网金融法治研究会常务理事

  中国国际经济贸易仲裁委员会仲裁员

  深圳国际仲裁院(深圳仲裁委员会)仲裁员

  新加坡国际调解中心专家调解员

  最高人民法院涉外商事海事审判专家库专家

学术地位及社会影响

  廖凡研究员是国际法研究所中青年科研骨干和学科带头人,科研能力突出,科研成果丰硕,论文引证率在中青年国际法学者中名列前茅。他发表的《国际货币体质的困境与出路》《金融消费者的概念与范围》《论软法在全球金融治理中的地位和作用》《全球治理背景下人类命运共同体的阐释与构建》等论文代表了国内相关领域研究的领先水平,在学术界和实务界均有广泛影响和良好口碑。他经常参与有关部委和司法机构的决策咨询和专家论证,利用专业知识和经验积极建言献策。他撰写的内部研究报告多次获得中央主要领导同志和其他国家领导人批示,有效发挥了决策影响力。他曾在美国长期进修和访学,外语水平和国际交流能力突出。他曾数十次接受原中央电视台英语频道、现中国国际电视台相关栏目现场采访,阐释法治实践问题,宣传中国法治理念,社会反响良好。

主要科研成果

1.独著

  (1)《证券客户资产风险法律问题研究》,北京大学出版社,2005年11月版;

  (2)《国际货币金融体制改革的法律问题》,社会科学文献出版社,2012年7月版;

  (3)《国际金融法学的新发展》,中国社会科学出版社,2013年11月版。

2.合著

  《上海自贸试验区建设推进与制度创新》,第一作者,中国社会科学出版社2017年8月版。

3.参编

  (1)《国际经济法》,黄东黎主编,社会科学文献出版社2006年12月版;

  (2)《当代中国国际法研究》,陈泽宪主编,中国社会科学出版社2010年12月版;

  (3)《变化中的国际法:热点与前沿》,朱晓青主编,中国社会科学出版社2012年10月版。

4.代表性学术论文

  (1)《钢丝上的平衡:美国证券信息披露体系的演变》,《法学》2003年第4期;

  (2)《美国非公司型有限责任企业初探》,《法学》2003年第9期;

  (3)《论证券公司破产清算的特别程序:以中美比较为视角》,《法学》2006年第7期;

  (4)《间接持有证券的权益性质与法律适用初探》,《环球法律评论》2006年第6期;

  (5)《美国反向刺破公司面纱的理论与实践:基于案例的考察》,《北大法律评论》第8卷第2辑(2007年7月);

  (6)《竞争、冲突与协调:金融混业监管模式的选择》,《北京大学学报(哲学社会科学版)》2008年第3期;

  (7)《论欧盟对金融集团的监管:以<金融集团指令>为中心》,《国际法研究》第二卷(2008年11月);

  (8)《经济全球化与国际经济法的新趋势》,《清华法学》2009年第6期;

  (9)《国际货币体制的困境与出路》,《法学研究》2010年第4期;

  (10)《国际货币基金组织投票权与治理结构改革述评》,《中国国际法年刊》2010年卷(2011年7月);

  (11)Regulation of Financial Conglomerates in China: from De facto to De jure, European Business Organization Law Review, Volume 12, Issue 2, July 2011;

  (12)《英国金融监管体制改革的最新发展及其启示》,《金融监管研究》2012年第2期;

  (13)《金融消费者的概念与范围:一个比较法的视角》,《环球法律评论》2012年第4期;

  (14)《系统重要性金融机构国际监管的发展与趋势》,《国际经济法学刊》第20卷第1期(2013年5月);

  (15)《美国海外金融账户和资产报告规则的演进与发展》,《环球法律评论》2015年第5期;

  (16)《论软法在全球金融治理中的地位和作用》,《厦门大学学报(哲学社会科学版)》2016年第2期;

  (17)《比较视野下的亚投行贷款条件研究》,《法学杂志》2016年第6期;

  (18)《投资者—国家争端解决机制的新发展》,《江西社会科学》2017年第10期;

  (19)《2017年的中国互联网金融法治》,《中国法治发展报告(法治蓝皮书)》第16卷(社会科学文献出版社2018年3月);

  (20)《从“繁荣”到规范:中国国际经济法学研究的反思与展望》,《政法论坛》2018年第5期;

  (21)《全球治理背景下人类命运共同体的阐释与构建》,《中国法学》2018年第5期;

  (22)《人类命运共同体的人权与主权内涵》,《吉林大学社会科学学报》2018年第6期;

  (23)《跨境金融监管合作:现状、问题与法制出路》,《政治与法律》2018年第12期;

  (24)《从<美墨加协定>看美式单边主义及其应对》,《拉丁美洲研究》2019年第1期;

  (25)《世界贸易组织改革:全球方案与中国立场》,《国际经济评论》2019年第2期。

5.代表性报纸文章

  (1)《华盛顿共识、新自由主义与国际货币基金组织》,《法制日报》2008年12月14日第10版;

  (2)《推动金融体系改革的现实举措》,《人民日报》2009年7月13日第13版;

  (3)《功能监管与机构监管应“双剑合璧”》,《经济日报》2012年2月13日第6版;

  (4)《中国企业“走出去”要重视国际经济软法》,《经济参考报》2013年1月8日第8版;

  (5)《<外国投资法>宜完善审查机构设计》,《经济参考报》2015年1月28日第6版;

  (6)《自贸区建设要与顶层设计相协调》,《经济参考报》2015年2月13日第8版;

  (7)《企业走向“一带一路”中的风险应对》,《经济参考报》2016年6月22日第6版;

  (8)《为全球治理体系变革提供新动力》,《人民日报》2018年5月21日第7版;

  (9)《与全球化和多边主义同行》,《人民日报海外版》2018年9月11日第6版;

  (10)《<外商投资法>的四个特色和创新》,《经济参考报》2019年3月20日第8版。

代表性学术观点

1. 关于金融监管竞争、冲突与协调(2008)

如何应对因金融创新和混业发展而加剧的金融监管竞争与冲突,构建适应我国国情的混业经营监管体制,是当前金融监管中的一个突出课题。监管竞争有其自身价值,而应对监管冲突也需注意其深层背景。金融集团的发展强化了监管竞争与冲突,也使得监管协调更为必要。综合监管与功能监管基础上的伞形监管是金融监管协调的两种路径,从我国的现实情况出发,借鉴伞形监管经验,建立分业监管基础上的协调机制,是更为可取的选择。

2. 关于国际货币体制面临的现实困境与解决途径(2010)

以国际货币基金组织为核心的现行国际货币体制渊源于大国之间的政治妥协,在约束性和执行力方面存在先天不足。世界经济格局的演变导致该体制的代表性受到质疑,全球金融危机进一步揭示出其所面临的困境,主要表现为机构职能误入歧途、政策监督顾此失彼、治理结构力量失衡、争端解决有心无力。有鉴于此,应当在近期已有改革举措的基础上,在重塑机构职能、加强双边监督、完善治理结构、促进争端解决四个方面寻找出路。

3. 关于“金融消费者”的概念与范围(2012)

传统消费者概念适用于金融领域时存在的不确定性,以及现有金融行业立法在保护性上的不足,使得在我国构建金融消费者概念具有现实必要性。代表性的国外立法实践表明,金融消费者的概念和范围主要是实践塑造而非理论推演的产物,与金融监管模式和监管体制有着不可分割的内在联系。从我国现实情况出发,较为可行的做法是对金融消费者进行宽松的界定,使其涵盖整个金融服务领域,而在消费者保护制度方面则遵循最低限度协调原则,只做出总体性、原则性的规定,由行业监管部门基于行业特点和监管需要制定实施细则;与此同时,保留和延续既有的证券投资者概念和投资者保护制度,实现金融消费者和投资者这两个概念、两套制度的并存和并用。

4. 关于“软法”在全球金融治理中的地位、作用和影响(2016)

国际金融软法是用以规范国际金融关系、虽不具有法律约束力但在实践中具有某种实际效果的规范性文件的总称,突出表现为国际金融标准制定机构制定和发布的各类国际金融标准。既有条约规则作用有限、金融监管实践复杂多变、关涉敏感主权问题、缺乏争端解决机制,是软法在全球金融治理中扮演重要角色的原因。软法在全球金融治理中的价值,既体现为“中转”价值,即作为向“硬法”演进或转化过程中的过渡阶段;更表现为独立价值,即凭借自身特点和优势长期稳定存在并独立发挥作用。在相当程度上,软法在当前全球金融治理中发挥着比硬法更为重要的作用,使得全球金融治理呈现“软法之治”的面貌。

5. 关于中国国际经济法学研究的现状、反思与展望(2018)

作为一门与改革开放大体同步的新兴学科,中国国际经济法学在过去40年中取得了长足进步,已经初步构建起较为完整的学科体系,并在各分支学科进行了范围广泛的研究,产出了数量可观的研究成果。但是,当前中国国际经济法学研究的“繁荣”在很大程度上是一种“表面繁荣”乃至“虚假繁荣”,折射出整体性的急功近利和无序浮躁。存在的问题和不足主要表现在:学科“支强干弱”,基本理论研究依旧薄;相关研究缺乏问题意识、方法自觉和学术定力,缺乏清晰定位和恰当平衡,缺少独立品格和鲜明个性;学术环境和评价机制不尽合理和科学。展望未来,应当继续加强基本理论研究,构建具有中国特色的国际经济法理论;提升学科的整体品位和规范性,从“繁荣”走向规范;改善学术环境和评价机制,创造更加宽松友好的研究环境和氛围。

6. 关于全球治理背景下人类命运共同体的阐释与构建(2018)

人类命运共同体是中国在新时代向国际社会贡献的全球治理新方案。在思想渊源上,人类命运共同体植根于以世界大同为一致追求的世界主义理念和中华传统文化,以及以“自由人的联合体”为终极目标的马克思主义共同体思想。在理念传承上,人类命运共同体与和平共处五项原则、建立国际新秩序主张、第三代人权、人类共同继承财产原则等理论、原则和主张一脉相承。人类命运共同体理念为糅合国际关系和国际秩序中的利益与价值、现实主义与理想主义这两个维度提供了一种新的可能性,可以从利益共同体、价值共同体和责任共同体这三个维度加以理解和阐释。应当从深化对外开放提供“中国方案”、坚持共商共建形成“共同方案”这两个层面,推动构建人类命运共同体。

7. 关于跨境金融监管合作的现状、问题与出路(2018)

跨境金融监管合作包括双边和多边两种途径。双边途径以美国跨境证券监管合作为代表,主要通过谅解备忘录、监管对话和技术援助等方式开展。多边途径根据参与主体及合作方式的不同,又可以进一步划分为国际组织模式、非正式国家集团模式和跨政府网络模式。以软法为主导的国际金融监管规则缺乏“硬约束”、国际金融监管标准的实施和监督机制严重不足、危机驱动型的监管合作缺乏持久性和稳定性,是跨境金融监管合作的主要问题和障碍所在。完善跨境金融监管的远景目标是建立一个以多边条约为基础,能够制定、实施和监督执行有约束力国际规则的全球金融监管(合作)组织;近期对策则是充分利用现有国际机构和机制,系统性地“硬化”相关软法性规则,加强其约束性、执行力和实施效果。

8. 关于世界贸易组织改革的全球方案与中国立场(2019)

世界贸易组织(WTO)正面临前所未有的生存危机,改革已经成为共识。但关于WTO改革的基本原则、具体内容和优先顺序,各方立场和意见则不尽相同,阵营划分也难以一概而论。综合现有的主要改革方案,大体而言,在谈判机制方面主张增加谈判机制灵活性,打破“协商一致”造成的多边谈判僵局;在实体规则方面主张制定贸易新规,强化贸易公平,消除投资障碍;在纪律约束方面主张更好发挥WTO的审查和监督功能,加强对成员方遵守透明度和通报义务的约束;在争端解决方面主张尽快修改相关协定,打破上诉机构法官遴选僵局,确保WTO正常运转。对于中国而言,关键在于“以我为主”,明确自身基本立场与核心关切,并在现有《立场文件》基础上,出台具体改革方案,更加积极主动地参与乃至推动WTO改革进程。


PROFESSOR LIAO FAN

BASIC INFORMATION

Liao Fan is senior fellow and professor at the Institute of International Law, Chinese Academy of Social Sciences (CASS), and director of the Department for Research Coordination and International Cooperation of the Institute. He is the lead fellow of the CASS project “International Economic Law Issues in the BRI Implementation” and council director of Chinese Society of International Economic Law. Before taking the present post he was a visiting scholar at Columbia University. He is an arbitrator at China International Economic and Trade Arbitration Commission (CIETAC) and Shenzhen Court of International Arbitration (SCIA), and a specialist mediator at Singapore International Mediation Center (SIMC).

Professor Liao Fan has led or participated in numerous research projects sponsored by the World Bank, National Development and Reform Commission, Ministry of Foreign Affairs, Ministry of Commerce, People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, China Law Society and CASS. He holds BA in Law from China Youth University of Political Studies, LLM from Southern Methodist University, and PhD in Law from Peking University. His major field of research include fundamental theory of international law, international economic law as well as banking and financial law. He has published three monographs and one co-authored book, as well as numerous articles, essays and comments on leading law journals and newspapers such as Chinese Journal of Law, China Legal Science, People’s Daily and European Business Organization Law Review.

Professor Liao Fan is one of the leading scholars of the Institute of International Law. He is also a leading scholar in the field of international economic law and in particular international financial law. He is among the most-cited Chinese international law scholars of his age. He frequently participates in the decision-making consultations and expert meetings of the relevant ministries and judicial organs. He has written a wide range of internal reports, several of which received official comments from the Party and State leaders. In virtue of his legal expertise and English language skill, he is very active in the English language media, participating for example in scores of live interviews on the China Global Television Network (CGTN, formerly the CCTV’s English Channel).

EDUCATIONAL AND WORK EXPERIENCES

●Legal Solutions to the Prevention of the Local Governmental Debt Risk, Social Sciences in Guangdong, July 2014

●Since 2013: Professor and Director of the Department of Research Coordination and International Cooperation, Institute of International Law, CASS

●Since 2007: Associate Professor and Deputy Director of the Department of Research Coordination and International Cooperation, Institute of International Law, CASS

●2006-2007: Visiting Scholar at Columbia University

●Since 2005: Assistant Professor at the Institute of International Law, CASS

●PhD in Law, Peking University, 2005

●LLM, Southern Methodist University, 2002

●BA in Law, China Youth University of Political Studies

ACADEMIC AND PROFESSIONAL AFFILIATIONS

●Council Director,Chinese Society of International Economic Law

●Council Director, Chinese Society of International Economic and Trade Law

●Deputy Head, Committee of International Financial Law, China Society of International Economic and Trade Law

●Standing Council Director, Beijing Society of Financial Services Law

●Standing Council Director, Beijing Society of Internet Finance Law

●Arbitrator, China International Economic and Trade Arbitration Commission

●Arbitrator, Shenzhen Court of International Arbitration/Shenzhen Arbitration Commission

●Specialist Mediator, Singapore International Mediation Center

●Member of the Expert Group for the Adjudication of Foreign-related Commercial and Maritime Cases, Supreme People's Court

MAIN PUBLICATIONS

Monographs

●New Development of the Study of International Financial Law, China Social Sciences Press, 2013

●Legal Issues Regarding the Reform of the International Monetary and Financial System, Social Sciences Academic Press, 2012

●Legal Issues Regarding the Securities Customer Property Risk, Peking University Press, 2005

Co-authored Books

●The Practical Development and Institutional Innovation of the Shanghai Pilot Free Trade Zone, China Social Sciences Press, 2017

●The Changing International Law: Hotspots and Frontier, China Social Sciences Press, 2012

●Research on Contemporary Chinese International Law, China Social Sciences Press, 2010

●International Economic Law, Social Sciences Academic Press (China), 2006

Articles

●The Reform of the WTO: Global Agenda and China’s Position, International Economic Review, Issue 2, 2019

●The American Unilateralism and Possible Responses from the Perspective of the USMCA, Journal of Latin American Studies, Issue 1, 2019

●Cross-border Financial Regulatory Cooperation: Status Quo, Problems and Solutions, Political Science and Law, Issue 12, 2018

●The Implication of Human Rights and Sovereignty in the Context of the Community of Shared Future for Mankind, Jilin University Journal Social Sciences Edition, Issue 6, 2018

●The Interpretation and Construction of the Community of Shared Future for Mankind in the background of Global Governance, China Legal Science, Issue 5, 2018

●From “Prosperity” to Standardization: Reflection on and Outlook for Chinese International Economic Law Research, Tribune of Political Science and Law, Issue 5, 2018

●China’s Rule of Law in Internet Finance 2017, in Blue Book of Rule of Law, Social Sciences Academic Press (China), March 2018

●Regulation of Government Subsidies: International Rule and China's Response, Political Science and Law, Issue 12, 2017

●New Development of the ISDS Mechanism, Jiangxi Social Sciences, Issue 10, 2017

●The “Conditionality” of the AIIB Lending from a Comparative Law Perspective, Law Science Magazine, Issue 6, 2016

●The Status and Role of Soft Law in Global Financial Governance, Journal of Xiamen University (Arts & Social Sciences), Issue2, 2016

●Quenching Thirst with Poison? Local Government Financing Vehicles—Past, Present, and Future, in Benjamin L. Liebman & Curtis J. Milhaupt ed., Regulating the Visible Hand: the Institutional Implications of Chinese State Capitalism, Oxford University Press, 2016

●The National Security Review Mechanism in the Draft Foreign Investment Law Should be Improved, Economic Information, January 2015

●Legal Solutions to the Prevention of the Local Governmental Debt Risk, Social Sciences in Guangdong, July 2014

●Theoretical Breakthrough and Mechanical Innovation: Recent Development in UK’s Protection of Financial Consumers, Social Sciences, August 2013

●Development and Trend in the Supervision of Global SIFIs, Journal of International Economic Law, Volume 20, Issue 1, 2013

●The Definition and Scope of the Concept of "Financial Consumer", Global Law Review, Issue 4, 2012

●Regulation of Financial Conglomerates in China: from De facto to De jure, European Business Organization Law Review, Volume 12, Issue 2, July 2011

●Reform of the Voting Power and Governance Structure in the IMF: Review and Comments, Chinese Yearbook of International Law (2010), July 2011

●Evolution and Prospect of East-Asian Monetary Cooperation: A CMIM-focused Analysis, Chinese International Law Review, Volume 4, April 2011

●International Monetary System: Difficulties and Way Out, Chinese Journal of Law, Issue 4, 2010

●Economic Globalization and the New Trends in International Economic Law: How should China React, Tisnghua Law Review, Issue 6, 2009

●Competition, Conflict and Coordination of Financial Supervision, Journal of Peking University, Issue 3, 2008

●EU’s Supervision of Financial Conglomerates: from the Perspective of the Financial Directive, Chinese International Law Review, Volume 2, 2008

●Towards a Fairer International Trade System: Rethinking of the WTO Principle of Reciprocity, International Trade, Issue 6, 2007

●The Financial Contract Exception in the New Bankruptcy Act of the US: Introduction and Comments, Securities Market Harold, Issue 5, 2007

●Introduction to and Comments on the Enforcement Mechanism of the HK Securities and Futures Commission, Global Law Review, Issue 3, 2007

●Theories and Practices of Reverse Piercing of the Corporate Veil in U.S.: A Case-based Analysis, Peking University Law Review, Volume 8, Issue 2, 2007

●On the Model and Coordination Mechanism for the Regulation of the Cross-sector Financial Operation in China, Securities Market Harold, Issue 11, 2006

●Some Comments on the Orientation, Functions and Operation of the Securities Investor Protection Fund, Financial Law Forum, Issue 8, 2005

●Balance on the Wire: Evolution of the Disclosure Framework in U.S. Securities Regulation, Law Science, Issue 4, 2003

REPRESENTATIVE ACADEMIC VIEWPOINTS

On the global agenda and China’s position as to the reform of the WTO (2019)

The WTO is facing an unprecedented crisis and it has become a consensus that the organization must be reformed. However, the involved parties are divided over the basic principles, contents and priorities of the reform. Proposals that have been submitted so far generally support increasing the flexibility of the organization's negotiation mechanism, thus breaking the multilateral negotiation deadlocks caused by the consensus requirement, and support making new trade rules, enhancing fair trade and eliminating investment barriers; they also support improving the review and surveillance functions of the WTO to ensure better compliance of the transparency and notification obligations by its members; in terms of the dispute resolution, they support timely revision of relevant protocols and breaking the deadlock in the designation of appellate body members to ensure the normal functioning of the organization. For China, the key is to clearly understand its basic position and core concerns and present more specific reform proposals on the basis of the current Position Paper, so as to more actively participate in and push forward the reform process.

On the status quo and problems of the cross-border financial regulatory cooperation and possible solutions thereto (2018)

There are two ways of cross-border financial regulation cooperation: the bilateral one and the multiple one. The former, represented by the US Cross-border securities regulatory cooperation, is carried out by means of a memorandum of understanding, regulatory dialogue, technological aids and so on. The latter, according to participants and cooperation modes, may be further classified into the international organization mode, the informal country bloc mode and the inter-governmental network mode. The main problems and obstacles of the cross-border financial regulation include as follows: the international financial regulatory rules led by soft laws lack "hard effect"; the international financial regulatory standards implementation and supervision mechanisms are seriously insufficient, and the crisis-driven regulation cooperation lacks persistence and stability. The long-term aim for improving cross-border financial regulation is to establish a global financial regulatory (cooperation) organization on basis of a multiple agreement and capable of formulating, implementing and supervising the enforcement of binding international rules. The current solution is to take full advantage of the existing international organizations and mechanisms, systematically consolidating the effect of rules of relevant soft laws, thus strengthening their force, enforcement and implementation effect.

On the interpretation and construction of the Community of Shared Future for Mankind in the background of global governance (2018)

The Community of Shared Future For Mankind is a new global governance program that China contributes to the international community in the new era. In the origin of thought, the community of shared future for mankind is rooted in the idea of cosmopolitanism with the unanimous pursuit of universal harmony in the world and the Chinese traditional culture, and the Marxist community with the ultimate goal of "union of free men". In the concept inheritance, the human destiny community is in line with the Five Principles of Peaceful Coexistence, the establishment of a new international order, the third generation human rights, the principle of common inheritance of human property and other theories, principles and propositions. The concept of the Community of Shared Future For Mankind provides a new possibility for the combination of the interests and value,realism and idealism in international relations and international order, which can be understood and interpreted from the three dimensions of interest community, value community and responsibility community. The Community of Shared Future For Mankind should be promoted and constructed from the two levels of deepening the opening up to the outside world and providing the "Chinese Solution", and adhering to the common discussion and construction and forming the "Common Solution".

On the reflection of and outlook for Chinese international economic law research (2018)

The "prosperity" of contemporary Chinese international economic law research is, to a great extent, superficial or even false, which reflects an overall anxiety for quick success and lack of taste and calmness. Major problems and shortcomings in such research include the weakness in the study of basic theories; the lack of issue awareness, approach consciousness, academic focus, clear orientation, proper balance, independent character and distinctive personality; and the lack of a reasonable and scientific academic environment and evaluation mechanism. In future, efforts should be made to further strengthen the study of basic theories and construct international economic theories with Chinese characteristics; to raise the overall taste and level of the research for it to go from "prosperity" to standardization; and to improve the academic environment and evaluation mechanism so as to create a more researcher-friendly environment and atmosphere.

On the status and role of soft law in global financial governance (2016)

International financial soft law refers to the norms and rules governing international financial relations which have no legally binding force but which nevertheless may have practical effects, especially the various international financial standards formulated by international standard-setting bodies. The limited role played by the existing treaty rules, the complexity and volatility of financial regulatory practice, the sensitiveness of issues related to national sovereignty, and the lack of an effective dispute settlement mechanism in the international financial sector, all lead to the necessity of soft law in global financial governance. Soft law has a dual role in global financial governance: first, as a transfer station or interim period towards“hard law”, and second and more importantly, as a set of rules having independent value and contributing to global financial governance in its own right. To a large extent, soft law plays a more substantial role in global financial governance than hard law, and global financial governance might even be characterized as "rule of soft law".

On the definition and scope of "financial consumers" (2012)

It is imperative to shape the concept of "financial consumer" in China today, since there exists uncertainty when the traditional concept of consumer is applied in financial area and insufficiency of protection provided by current financial laws and regulations. A careful study of relevant legislations in the United States and United Kingdom indicates that the definition and scope of the concept of financial consumer is more of a product of practical evolution than of a result of theoretical deduction, and is inseparably linked to the model and system of financial regulation. Proceeding from actual conditions in China, a feasible approach may be adopted as follows. With regard to financial consumers, the concept may be defined in a broad way, thus enabling it to cover the whole financial service area. With regard to protection of consumers, the principle of minimum coordination should be observed, thus only providing for a general framework and leaving the drafting of detailed rules for implementation to industrial regulation departments based on their respective industrial characteristics and needs of regulation. Meanwhile, the existing concept of securities investor and the correspondent system of protection of investors should be maintained, so as to bring into coexistence and co-operation of the two concepts of financial consumer and securities investor and two systems of protection of financial consumers.

On the proper regulation of financial conglomerates in China (2011)

Financial operations and the regulation thereof have undergone drastic changes in China in the past few decades. Among these changes, the emergence and development of various financial conglomerates are quite noteworthy. At present, such financial conglomerates mainly exist in a de facto sense, due to the lack of corresponding specific laws and regulations. The regulatory structure is also immature in this respect. In particular, no meaningful coordination mechanism exists among different sectoral regulatory authorities, and the division of supervisory responsibilities in relation to financial conglomerates remains to be clarified. Different factors taken into account, it is submitted that a single mega-regulator is not desirable for the time being, while an effective coordination mechanism based on separated, functional regulation, with the central bank as the leading coordinator, is a more realistic and potentially better choice for China.

On the Difficulties facing the international monetary system and the possible solutions thereto (2008)

The current international monetary system with the International Monetary Fund (IMF) at the core historically originated from the political compromise between major powers, more specifically the U.S. and U.K. This has left the system with inborn deficiencies in terms of effectiveness and enforceability. Moreover, with the evolution of the world economy, developing countries, especially those dynamic emerging markets such as the BRICs, have come to challenge the representativeness of this system dominated by wealthy developed countries. The unexpected global financial crisis further disclosed the underlying problems of the existing system.

From the viewpoint of China as an unique actor in the IMF, the author summarizes the major problems facing today’s IMF as four, i.e., strayed institutional role, one-sided policy supervision, imbalanced governance structure, and paralyzed dispute resolution. Some reform measures have already been taken or on the way, but they are inadequate for a meaningful change of the status quo. The author argues that further efforts should be made in terms of reshaping the institutional role, strengthening bilateral supervision, improving governance structure and promoting dispute resolution. The dual goal of the reform should be on the one hand to readjust the functions of the IMF, in order to enhance the effectiveness of its operation, and on the other hand to rebalance its power structure, so as to promote the democratization of its governance.

Given that any reform can only be realized by means of revising the relevant legal instruments, and given that the revision of the Articles of Agreement themselves is extremely difficult, the author suggests to begin with lower instruments such as Rules and Regulations and Decisions, and also to make fuller use of the interpretation power conferred on the Board of Governors and the Executive Board by the Articles of Agreement.

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