Regulatory reform in China and the EU. A law and economics perspective

Summary:

With the Chinese government planning a comprehensive and detailed reform of regulatory law, the European experience is likely to contribute significantly. This book analyses comparative Chinese and EU regulatory reform from a law and economics perspective.

With eminent international contributors, the book sets out a reform agenda by addressing financial markets, social and administrative regulation, and environmental protection. The first part of the book discusses the banking sector reform and the stock market regulation concerning institutional investors, insider trading and private enforcement. The second part discusses contract law and considers how EU state aid policy could also influence reform on (local) government in other jurisdictions.

In the third part, environmental pollution and the need for stricter regulation are considered, with a focus on the possibilities of investment in new technology, such as offshore carbon capture and storage, economic growth and the nexus between WTO law and climate change. The fourth and final part of the book includes an essay on the empirical analysis of regulation, with a particular focus on field experiments in China.

Academics and postgraduate students of both Economics and Law with a particular interest in regulation will find this book valuable. Policymakers and practitioners will also benefit from the insights revealed by the collaboration of lawyers and economists.

Table of contents:

1. Introduction - Wenming Xu, Stefan E. Weishaar and Niels Philipsen

Part I: Financial markets

2. Money, banks, and the commercial banking law: a framework for law and economics analysis - Tao Xi

3. Rethinking China’s capital market and financial stability after the global financial crisis: the significance of institutional investors - Jiye Hu and Yang Chen

4. Unpredictable enforcement: a study of the CSRC’s approach to insider trading in China - Tianshu Zhou and Wenjing Li

5. Private enforcement of securities law in China: an empirical analysis of the SPC’s 2002 Notice on A/B share markets - Jiajia Dai, Shiting Feng and Wenming Xu

Part II: Social and administrative regulation

6. What can economists learn from contract lawyers? - Qi Zhou

7. Evolving goals of EU state aid policy and possible lessons for China: a law and economics approach - Niels Philipsen

Part III: Environmental regulation

8. Development of a regulatory framework for CDM-enabled offshore carbon capture and storage (OCCS) in China - Roy A. Partain and Michael G. Faure

9. Does the environmental Kuznets curve hold for China? An empirical examination - Binwei Gui, Michael G. Faure and Guangdong Xu

10. Carbon labels: climate change regulation and legal risks and opportunities under WTO law - Stefan E. Weishaar and Ruohong Chen

Part IV: Research agenda

11. Empirical analysis of regulation: the promise of field experiments in China - Jonathan Klick

12. Regulatory reform in China and the EU: comparative and concluding remarks - Niels Philipsen, Stefan E. Weishaar and Wenming Xu