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Volumn 11, Issue 2, 2008, Pages 459-494

Adaptive efficiency and financial development in China: The role of contracts and contractual enforcement

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EID: 44849096507     PISSN: 13693034     EISSN: 14643758     Source Type: Journal    
DOI: 10.1093/jiel/jgn016     Document Type: Article
Times cited : (18)

References (182)
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    • Gross Domestic Product (GDP) grew from 489 billion yuan in 1980 to 18,308 billion yuan in 2005. See Statistical Yearbook of China (Beijing: China Statistics Press, 2006) 57 [Hereinafter 2006 Statistical Yearbook of China].
    • Gross Domestic Product (GDP) grew from 489 billion yuan in 1980 to 18,308 billion yuan in 2005. See Statistical Yearbook of China (Beijing: China Statistics Press, 2006) 57 [Hereinafter 2006 Statistical Yearbook of China].
  • 2
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    • FDI grew from US$ 1.98 billion in 1983 to US$63.8 billion in 2005. See Statistical Yearbook of China (Beijing: China Statistics Press, 1990) 653
    • FDI grew from US$ 1.98 billion in 1983 to US$63.8 billion in 2005. See Statistical Yearbook of China (Beijing: China Statistics Press, 1990) 653
  • 3
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    • and 2006 Statistical Year Book of China at 52. The accumulated amount of FDI by the end of September 2006 is greater than US$665 billion.
    • and 2006 Statistical Year Book of China at 52. The accumulated amount of FDI by the end of September 2006 is greater than US$665 billion.
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    • See Long Yongtu, 'The Mergers and Acquisition of Chinese Firms by Foreign Investors Do Not Cause Serious Economic Security Problems', available at http:// www.people.com.cn (visited on 20 January 2007).
    • See Long Yongtu, 'The Mergers and Acquisition of Chinese Firms by Foreign Investors Do Not Cause Serious Economic Security Problems', available at http:// www.people.com.cn (visited on 20 January 2007).
  • 5
    • 44849118607 scopus 로고    scopus 로고
    • The total amount of investment in fixed assets grew from 42.78 billion yuan in 1981 to 8877 billion yuan in 2005. See Statistical Yearbook of China (Hong Kong: Hong Kong Economic Daily Press, 1981) (Overseas Chinese edition) at 295 [Hereinafter 1981 Statistical Yearbook of China]
    • The total amount of investment in fixed assets grew from 42.78 billion yuan in 1981 to 8877 billion yuan in 2005. See Statistical Yearbook of China (Hong Kong: Hong Kong Economic Daily Press, 1981) (Overseas Chinese edition) at 295 [Hereinafter 1981 Statistical Yearbook of China]
  • 6
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    • and 2006 Statistical Yearbook of China at 187.
    • and 2006 Statistical Yearbook of China at 187.
  • 7
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    • The total number of university students grew from 1.28 million in 1981 to 20.95 million in 2005
    • The total number of university students grew from 1.28 million in 1981 to 20.95 million in 2005.
  • 9
    • 44849092332 scopus 로고    scopus 로고
    • and 2006 Statistical Yearbook of China, at 798. Employment by administrative allocation has been replaced by employment through market allocation. The number of employed in urban areas has increased from 109.4 million in 1981 to 273.3 million in 2005.
    • and 2006 Statistical Yearbook of China, at 798. Employment by administrative allocation has been replaced by employment through market allocation. The number of employed in urban areas has increased from 109.4 million in 1981 to 273.3 million in 2005.
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    • and 2006 Statistical Yearbook of China, at 798.
    • and 2006 Statistical Yearbook of China, at 798.
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    • Donald Clarke, 'Economic Development and the Rights Hypothesis: The China Problem', 51 American Journal Comparative Law 89 (2003), at 109.
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    • The Role of Formal Contract Law and Enforcement in Economic Development', 92
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    • Michael Trebilcock and Jing Leng, 'The Role of Formal Contract Law and Enforcement in Economic Development', 92 Virginia Law Review 1517 (2006), at 1519 and 1675-7.
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  • 21
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    • Clarke, above n 9, at 109 (arguing that rights of any kind are not well protected through courts and the legal system);
    • Clarke, above n 9, at 109 (arguing that rights of any kind are not well protected through courts and the legal system);
  • 22
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    • Trebilcock and Leng, above n 10, at 1554 (observing that the absence in China of a consistently enforced legal framework largely prevents the state from being the credible third-party enforcer of contracts).
    • Trebilcock and Leng, above n 10, at 1554 (observing that the absence in China of a consistently enforced legal framework largely prevents the state from being the credible third-party enforcer of contracts).
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    • Shanghai: Shanghai Social Sciences Press
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    • Three Principles
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    • Five Trends
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  • 38
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    • The Informal Financial Institutions in a Post Reform Rural Area: The Case of Wenzhou
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    • (1999) Case Studies of China's Institutional Change , pp. 442
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  • 39
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    • See Zhang and Li, above n 24, at 129.
    • See Zhang and Li, above n 24, at 129.
  • 40
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    • See Zhang Jun, above n 29, at 440.
    • See Zhang Jun, above n 29, at 440.
  • 42
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    • See Zhang and Li, above n 24, at 130.
    • See Zhang and Li, above n 24, at 130.
  • 49
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    • See Zhang Jun, above n 29, at 442.
    • See Zhang Jun, above n 29, at 442.
  • 55
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    • North, above n 11, at 74
    • North, above n 11, at 74.
  • 56
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    • Zhang and Li, above n 24, at 136.
    • Zhang and Li, above n 24, at 136.
  • 57
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    • at
    • Ibid, at 135.
  • 58
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    • Provisional Measures on the Credit Fund Administration by Rural Credit Cooperatives, Article 13; the Measures appear in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1949-1989) 879 at 880.
    • Provisional Measures on the Credit Fund Administration by Rural Credit Cooperatives, Article 13; the Measures appear in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1949-1989) 879 at 880.
  • 59
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    • Certain Opinions Concerning the Handling of Lending Cases, Article 6; see Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1990-1992) 272 at 273.
    • Certain Opinions Concerning the Handling of Lending Cases, Article 6; see Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1990-1992) 272 at 273.
  • 60
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    • Ibid.
  • 61
    • 44849087532 scopus 로고    scopus 로고
    • People's Bank of China, Notice on the Adjustment of Deposit and Lending Interest Rate of Financial Institutions, 28 October 2004, Article 2(1), available at http://www.chinainfobank,legal database (visited 12 August 2007).
    • People's Bank of China, Notice on the Adjustment of Deposit and Lending Interest Rate of Financial Institutions, 28 October 2004, Article 2(1), available at http://www.chinainfobank,legal database (visited 12 August 2007).
  • 62
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    • Ibid, Articles 1(2) and 2(2).
    • Ibid, Articles 1(2) and 2(2).
  • 63
    • 44849086886 scopus 로고    scopus 로고
    • Articles 4 and 28, the repealed Regulation is available at http://www.chinalawinfo.com (visited 12 August 2007).
    • Articles 4 and 28, the repealed Regulation is available at http://www.chinalawinfo.com (visited 12 August 2007).
  • 64
    • 44849105301 scopus 로고    scopus 로고
    • Measures of the State Council on the Abolishment of Illegal Financial Institutions and Illegal Financial Operation, Articles 1-4, The Measures appear in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1998) 571
    • Measures of the State Council on the Abolishment of Illegal Financial Institutions and Illegal Financial Operation, Articles 1-4, The Measures appear in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1998) 571.
  • 65
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    • Ibid, Article 22.
    • Ibid, Article 22.
  • 66
    • 44849123025 scopus 로고    scopus 로고
    • Ibid.
  • 67
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    • North, above n 11, at 54
    • North, above n 11, at 54.
  • 68
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    • Zhang and Li, above n 24, at 135.
    • Zhang and Li, above n 24, at 135.
  • 69
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    • See Feng Xinyuan, Informal Financial Development Report in Rural China, available at http://www.jiuding.org/printpage.asp?ArticleID=297 (visited 20 August 2007).
    • See Feng Xinyuan, Informal Financial Development Report in Rural China, available at http://www.jiuding.org/printpage.asp?ArticleID=297 (visited 20 August 2007).
  • 70
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    • See Zhang and Li, above n 24, at 135.
    • See Zhang and Li, above n 24, at 135.
  • 71
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    • Ibid.
  • 72
    • 44849118606 scopus 로고    scopus 로고
    • Ibid.
  • 73
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    • Ibid.
  • 74
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    • at
    • Ibid, at 136.
  • 75
    • 44849134944 scopus 로고    scopus 로고
    • Ibid, at 137. The distribution of shares to the public by these two credit cooperatives was one year earlier than the passage of the Resolution by the Board of Directors of the Shanghai Vacuum Electronic Components Ltd. authorizing the distributing shares to the public;
    • Ibid, at 137. The distribution of shares to the public by these two credit cooperatives was one year earlier than the passage of the Resolution by the Board of Directors of the Shanghai Vacuum Electronic Components Ltd. authorizing the distributing shares to the public;
  • 77
    • 44849114122 scopus 로고    scopus 로고
    • North, above n 11, at 59-59
    • North, above n 11, at 59-59.
  • 78
    • 0002963088 scopus 로고
    • A Theory of Self-enforcing Agreements', 53
    • at
    • Lester Telser, 'A Theory of Self-enforcing Agreements', 53(1) Journal of Business 24 (1980), at 42.
    • (1980) Journal of Business , vol.24 , pp. 42
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  • 79
    • 44849109096 scopus 로고    scopus 로고
    • Farmers Financial Demand and Rural Financial Supply: A Sociology Perspective
    • 31
    • Ye Jinzhong, 'Farmers Financial Demand and Rural Financial Supply: A Sociology Perspective', 8 Rural Economy in China 31 (2004).
    • (2004) Rural Economy in China , vol.8
    • Ye, J.1
  • 80
    • 0000026333 scopus 로고    scopus 로고
    • Private Order Under Dysfunctional Public Order', 98
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    • John McMillan and Christopher Woodruff, 'Private Order Under Dysfunctional Public Order', 98 Michigan Law Review 2421(2000), at 2426.
    • (2000) Michigan Law Review , vol.2421 , pp. 2426
    • McMillan, J.1    Woodruff, C.2
  • 81
    • 18744409933 scopus 로고    scopus 로고
    • Princeton, N.J, Princeton University Press
    • Avinash Dixit, Lawlessness and Economics (Princeton, N.J.: Princeton University Press, 2004) 80.
    • (2004) Lawlessness and Economics , pp. 80
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  • 82
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    • McMillan and Woodruff, above n 70, at 2423.
    • McMillan and Woodruff, above n 70, at 2423.
  • 84
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    • Contract Theory and the Limits of Contract Law
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    • Alan Schwartz and Robert Scott, 'Contract Theory and the Limits of Contract Law', Yale Law Journal 541 (2003), at 544.
    • (2003) Yale Law Journal , vol.541 , pp. 544
    • Schwartz, A.1    Scott, R.2
  • 87
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    • See generally, Cambridge: Harvard University Press
    • See generally Diego Gambetta, The Sicilian Mafia (Cambridge: Harvard University Press, 1993) 28-33;
    • (1993) The Sicilian Mafia , pp. 28-33
    • Gambetta, D.1
  • 88
    • 44849097933 scopus 로고    scopus 로고
    • Avner Greif and Eugene Kandel, 'Contract Enforcement Institutions: Historical Perspective and Current Status in Russia', in Edward P. Lazear (ed.), Economic Transition in Eastern Europe and Russia: Realities of Reform (Stanford, California: Hoover Institution Press, 1995) 291 307, at 315-16.
    • Avner Greif and Eugene Kandel, 'Contract Enforcement Institutions: Historical Perspective and Current Status in Russia', in Edward P. Lazear (ed.), Economic Transition in Eastern Europe and Russia: Realities of Reform (Stanford, California: Hoover Institution Press, 1995) 291 307, at 315-16.
  • 89
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    • The Dark Side of Private Ordering: An Institutional and Empirical Analysis of Organized Crime', 67
    • at
    • Curtis J. Milhaupt and Mark West, 'The Dark Side of Private Ordering: An Institutional and Empirical Analysis of Organized Crime', 67 University of Chicago Law Review 41 (2000), at 43.
    • (2000) University of Chicago Law Review , vol.41 , pp. 43
    • Milhaupt, C.J.1    West, M.2
  • 91
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    • Zhang and Li, above n 24, at 132;
    • Zhang and Li, above n 24, at 132;
  • 92
    • 44849110392 scopus 로고    scopus 로고
    • also see Current Status of and Management Strategy for Capital Circulated Outside the Formal Financial System, Report of the Research Team of Urban Financing at the China Industrial and Commercial Bank, 3 Financial Forum 3 2006, note 6
    • also see Current Status of and Management Strategy for Capital Circulated Outside the Formal Financial System, Report of the Research Team of Urban Financing at the China Industrial and Commercial Bank, 3 Financial Forum 3 (2006), note 6.
  • 93
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    • A Spectrum Theory of Negotiability', 78
    • Curtis Nyguist, 'A Spectrum Theory of Negotiability', 78 Marquette Law Review 897 (1995);
    • (1995) Marquette Law Review , vol.897
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  • 94
    • 44849117645 scopus 로고    scopus 로고
    • James Rogers, 'The Myth of Negotiability', 31 Boston College Law Review 265 (1990), at 283 (observing that the twentieth century books all proceed on the assumption that the concept of negotiability and the rules permitting holders in due course to take free from defenses have always been the central, defining characteristics of the law of bills and notes).
    • James Rogers, 'The Myth of Negotiability', 31 Boston College Law Review 265 (1990), at 283 (observing that the twentieth century books all proceed on the assumption that the concept of negotiability and the rules permitting holders in due course to take free from defenses have always been the central, defining characteristics of the law of bills and notes).
  • 95
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    • The Holder in Due Course Doctrine as a Default Rule', 32
    • asserting that the holder in due course doctrine reduces transaction costs
    • Gregory Maggs, 'The Holder in Due Course Doctrine as a Default Rule', 32 Georgia Law Review 783 (1998) (asserting that the holder in due course doctrine reduces transaction costs);
    • (1998) Georgia Law Review , vol.783
    • Maggs, G.1
  • 96
    • 44849112304 scopus 로고    scopus 로고
    • M. Sinclair, 'Codification of Negotiable Instruments Law: A Tale of Reiterated Anachronism', 21 University Toledo Law Review 625 (1990), at 628 (focusing on the doctrine of holder in due course to illustrate that legislation is largely responsible for the lack of change of the negotiable instruments law).
    • M. Sinclair, 'Codification of Negotiable Instruments Law: A Tale of Reiterated Anachronism', 21 University Toledo Law Review 625 (1990), at 628 (focusing on the doctrine of holder in due course to illustrate that legislation is largely responsible for the lack of change of the negotiable instruments law).
  • 97
    • 44849095614 scopus 로고    scopus 로고
    • For a survey and analysis of the law and development literature, see Graham Mayeda, 'Appreciate the Difference: The Role of Different Domestic Norms in Law and Development Reform: Lessons from China and Japan', 51 McGill Law Journal 547 (2006);
    • For a survey and analysis of the law and development literature, see Graham Mayeda, 'Appreciate the Difference: The Role of Different Domestic Norms in Law and Development Reform: Lessons from China and Japan', 51 McGill Law Journal 547 (2006);
  • 98
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    • also see Tom Ginsburg, 'Does Law Matter for Economic Development? Evidence from East Asia', 34 Law and Society Review 829 (2000).
    • also see Tom Ginsburg, 'Does Law Matter for Economic Development? Evidence from East Asia', 34 Law and Society Review 829 (2000).
  • 99
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    • Beijing: Law Press
    • Qiang Li, Financial Law (Beijing: Law Press, 1997) 376.
    • (1997) Financial Law , pp. 376
    • Li, Q.1
  • 101
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    • Infra, n 104-106 and the accompanying text
    • Infra, n 104-106 and the accompanying text.
  • 102
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    • See Liu Xin-wen, The Negotiable Instruments Law (Beijing: China University of Politics and Law, 1997) 39.
    • See Liu Xin-wen, The Negotiable Instruments Law (Beijing: China University of Politics and Law, 1997) 39.
  • 103
    • 44849098453 scopus 로고    scopus 로고
    • Ibid.
  • 104
    • 44849139949 scopus 로고    scopus 로고
    • at
    • Ibid, at 40.
  • 105
    • 44849110705 scopus 로고    scopus 로고
    • The Measures appear in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1989) 799.
    • The Measures appear in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1989) 799.
  • 106
    • 44849131161 scopus 로고    scopus 로고
    • See Qiang Li, above n 84, at 377.
    • See Qiang Li, above n 84, at 377.
  • 107
    • 44849112979 scopus 로고    scopus 로고
    • The Negotiable Instruments Law was adopted at the Thirteenth Session of the Eighth Standing Committee of the National People's Congress on 5 October 1995. The official Chinese version appears in the Collection of the Law of the PRC (Jilin: Jilin People's Press, 1995) 435
    • The Negotiable Instruments Law was adopted at the Thirteenth Session of the Eighth Standing Committee of the National People's Congress on 5 October 1995. The official Chinese version appears in the Collection of the Law of the PRC (Jilin: Jilin People's Press, 1995) 435.
  • 108
    • 44849085559 scopus 로고    scopus 로고
    • Available at http://www.chinainfobank, Supreme People's Court file (visited 20 August 2007).
    • Available at http://www.chinainfobank, Supreme People's Court file (visited 20 August 2007).
  • 109
    • 44849107806 scopus 로고    scopus 로고
    • Supreme People's Court
    • Supreme People's Court Gazette, 135 (2000);
    • (2000) Gazette , vol.135
  • 110
    • 44849095617 scopus 로고    scopus 로고
    • also available at http://www.chinainfobank,Supreme People's Court File (visited 20 August 2007).
    • also available at http://www.chinainfobank,Supreme People's Court File (visited 20 August 2007).
  • 111
    • 44849127772 scopus 로고    scopus 로고
    • Infra n 135 and the accompanying text
    • Infra n 135 and the accompanying text.
  • 112
    • 44849089163 scopus 로고    scopus 로고
    • See the case database established by the Beijing University School of Law, available at
    • See the case database established by the Beijing University School of Law, available at http:// www.chinalawinfo.com;
  • 113
    • 44849142195 scopus 로고    scopus 로고
    • The PRC's Negotiable Instruments Law: An Instrument for Facilitating Private Economic Activity or Monetary Control?', 20
    • observing with cited cases that banks often participate in negotiations or attempted negotiations of bank drafts, see also, at
    • see also Amy Sommers and Kara Philips, 'The PRC's Negotiable Instruments Law: An Instrument for Facilitating Private Economic Activity or Monetary Control?', 20 Houston Journal of International Law 317 (1998), at 340 (observing with cited cases that banks often participate in negotiations or attempted negotiations of bank drafts).
    • (1998) Houston Journal of International Law , vol.317 , pp. 340
    • Sommers, A.1    Philips, K.2
  • 114
    • 44849093331 scopus 로고    scopus 로고
    • See China Financial Yearbook (Beijing: China Financial Yearbook Press, 2003) 735.
    • See China Financial Yearbook (Beijing: China Financial Yearbook Press, 2003) 735.
  • 115
    • 44849083272 scopus 로고    scopus 로고
    • See various years of the China Financial Yearbook, also available online at http://www.chinainfobank.com (visited 20 August 2007).
    • See various years of the China Financial Yearbook, also available online at http://www.chinainfobank.com (visited 20 August 2007).
  • 116
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    • Above n 97, at 734
    • Above n 97, at 734.
  • 117
    • 44849096268 scopus 로고    scopus 로고
    • at
    • Ibid, at 737-9.
  • 118
    • 44849138598 scopus 로고    scopus 로고
    • The reply to the questionnaire is supplied by the manager or director for legal affairs in these banks or branches. For the purpose of confidentiality, the names of banks and of the individuals filling the questionnaires are not disclosed. The survey was conducted in May 2007
    • The reply to the questionnaire is supplied by the manager or director for legal affairs in these banks or branches. For the purpose of confidentiality, the names of banks and of the individuals filling the questionnaires are not disclosed. The survey was conducted in May 2007.
  • 119
    • 44849097936 scopus 로고    scopus 로고
    • Ibid.
  • 120
    • 44849133318 scopus 로고    scopus 로고
    • Ibid.
  • 121
    • 44849099422 scopus 로고    scopus 로고
    • Ibid.
  • 122
    • 44849126474 scopus 로고    scopus 로고
    • Ibid.
  • 123
    • 44849133000 scopus 로고    scopus 로고
    • Ibid.
  • 124
    • 44849112305 scopus 로고    scopus 로고
    • The calculation is based on the statistics in the, at and
    • The calculation is based on the statistics in the 2006 China Statistical Yearbook, above n 1, at 57 and 734.
    • (2006) China Statistical Yearbook, above , Issue.1 , pp. 57-734
  • 125
    • 44849129881 scopus 로고    scopus 로고
    • Ibid.
  • 126
    • 44849127433 scopus 로고    scopus 로고
    • China Has Become a Middle Income Country, available at http://www.mpinews.com/htp/Inews/20070918/ca22021c.htm (visited 18 September 2007).
    • China Has Become a Middle Income Country, available at http://www.mpinews.com/htp/Inews/20070918/ca22021c.htm (visited 18 September 2007).
  • 127
    • 44849090733 scopus 로고    scopus 로고
    • See Curtis v Leavitt, 15N.Y. 9 (1857);
    • See Curtis v Leavitt, 15N.Y. 9 (1857);
  • 128
    • 44849099731 scopus 로고    scopus 로고
    • Fletcher v Tayleur, 17 CB 21 (1855). As for international practice, the Uniform Customs and Practice for Documentary Credits (UCP) is an outstanding successful codification of banking practice in relation to letters of credit. First published in 1933, the UCP 600 is the current text. The text is available online at http://letterofcreditforum.com/node/3.
    • Fletcher v Tayleur, 17 CB 21 (1855). As for international practice, the Uniform Customs and Practice for Documentary Credits (UCP) is an outstanding successful codification of banking practice in relation to letters of credit. First published in 1933, the UCP 600 is the current text. The text is available online at http://letterofcreditforum.com/node/3.
  • 129
    • 44849090125 scopus 로고    scopus 로고
    • Anglo-South Am. Trust Co. v Uhe, 261 N.Y. 150, 156, 184N. E. 741, 742-43 (1933).
    • Anglo-South Am. Trust Co. v Uhe, 261 N.Y. 150, 156, 184N. E. 741, 742-43 (1933).
  • 130
    • 44849143813 scopus 로고    scopus 로고
    • UCP 600, Article 7(b).
    • UCP 600, Article 7(b).
  • 131
    • 44849102219 scopus 로고    scopus 로고
    • Ibid, Article 4(a).
    • Ibid, Article 4(a).
  • 132
    • 44849096582 scopus 로고    scopus 로고
    • Ibid, Article 5.
    • Ibid, Article 5.
  • 133
    • 44849131479 scopus 로고    scopus 로고
    • Ibid, Article 7.
    • Ibid, Article 7.
  • 134
    • 44849132999 scopus 로고    scopus 로고
    • Above n 101
    • Above n 101.
  • 135
    • 44849104102 scopus 로고    scopus 로고
    • Ibid.
  • 136
    • 44849139330 scopus 로고    scopus 로고
    • See Imports and Exports in Inner Mongolia in 2003 Continued to Grow and Grew at a Faster Rate, available at http://www.bailingnews.com/news/article/ 20040218/2004218029387_1.html (visited 18 September 2007).
    • See Imports and Exports in Inner Mongolia in 2003 Continued to Grow and Grew at a Faster Rate, available at http://www.bailingnews.com/news/article/ 20040218/2004218029387_1.html (visited 18 September 2007).
  • 137
    • 44849110704 scopus 로고    scopus 로고
    • Above n 101
    • Above n 101.
  • 138
    • 44849097935 scopus 로고    scopus 로고
    • This Law appears in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1989) 315
    • This Law appears in the Collection of the Laws of the PRC (Jilin: Jilin People's Press, 1989) 315.
  • 139
    • 44849085234 scopus 로고    scopus 로고
    • Ibid.
  • 140
    • 44849123024 scopus 로고    scopus 로고
    • Judicial Interpretation on Finance, Compiling and Selection Team of the Supreme People's Court (ed.), (Beijing: People's Court Press, 2006) 153. According to that source, the Supreme People's Court alone had dealt with more than 100 cases on letters of credit by the end of 2004.
    • Judicial Interpretation on Finance, Compiling and Selection Team of the Supreme People's Court (ed.), (Beijing: People's Court Press, 2006) 153. According to that source, the Supreme People's Court alone had dealt with more than 100 cases on letters of credit by the end of 2004.
  • 141
    • 44749095147 scopus 로고    scopus 로고
    • The Provisions can be found at China Law and Practice 63 (September 2006).
    • The Provisions can be found at China Law and Practice 63 (September 2006).
  • 142
    • 44849141917 scopus 로고    scopus 로고
    • Documentary Credits and Fraud: English and Chinese Law Compared
    • For a treatment of the fraud exception under English and Chinese law, see
    • For a treatment of the fraud exception under English and Chinese law, see Mark Williams, 'Documentary Credits and Fraud: English and Chinese Law Compared', Journal of Business Law 155 (2004).
    • (2004) Journal of Business Law , vol.155
    • Williams, M.1
  • 143
    • 44849119934 scopus 로고    scopus 로고
    • Rainer Haselmann et al., How Law Affects Lending (1 Columbia Law and Economics Working Paper No. 285, 2006), available at http://ssrn.com/ abstract=846665. (visited 20 September 2007).
    • Rainer Haselmann et al., How Law Affects Lending (1 Columbia Law and Economics Working Paper No. 285, 2006), available at http://ssrn.com/ abstract=846665. (visited 20 September 2007).
  • 145
    • 44849137321 scopus 로고    scopus 로고
    • http://www.lawinfochina.com/case/dispccontent.asp?db=2& id=243 (visited 18 September 2007).
    • http://www.lawinfochina.com/case/dispccontent.asp?db=2& id=243 (visited 18 September 2007).
  • 148
    • 44849105300 scopus 로고    scopus 로고
    • http://www.isinolaw.com/isinolaw/detail_cj.jsp?searchword= %28%B5%D6%D1%BA%2... 8/23/2007 (visited 18 September 2007).
    • http://www.isinolaw.com/isinolaw/detail_cj.jsp?searchword= %28%B5%D6%D1%BA%2... 8/23/2007 (visited 18 September 2007).
  • 151
    • 44849120821 scopus 로고    scopus 로고
    • Interview with Professor Qiang Li, Faculty of Law, Northwest University of Political Science and Law on 5 November 2007
    • Interview with Professor Qiang Li, Faculty of Law, Northwest University of Political Science and Law on 5 November 2007.
  • 152
    • 44849083271 scopus 로고    scopus 로고
    • Ibid.
  • 153
    • 44849138275 scopus 로고    scopus 로고
    • Administration Yearbook of China Administration for Industry and Commerce (Beijing: Press of the Industry and Commerce, 2005) 639;
    • Administration Yearbook of China Administration for Industry and Commerce (Beijing: Press of the Industry and Commerce, 2005) 639;
  • 154
    • 44849126181 scopus 로고    scopus 로고
    • Administration Yearbook of China Administration for Industry and Commerce (Beijing: Press of the Industry and commerce, 2006) 650.
    • Administration Yearbook of China Administration for Industry and Commerce (Beijing: Press of the Industry and commerce, 2006) 650.
  • 158
    • 44849134295 scopus 로고    scopus 로고
    • Data from various years' Law Yearbook of China (Beijing: Press of Law Yearbook, 1988-2006).
    • Data from various years' Law Yearbook of China (Beijing: Press of Law Yearbook, 1988-2006).
  • 160
    • 44849131478 scopus 로고    scopus 로고
    • Property Rights and Finance
    • at
    • Simon Johnson et al., 'Property Rights and Finance', American Economic Review 1335 (2002), at 1354.
    • (2002) American Economic Review , vol.1335 , pp. 1354
    • Johnson, S.1
  • 164
    • 44849133317 scopus 로고    scopus 로고
    • Trebilcock and Leng, above n 10, at 1563.
    • Trebilcock and Leng, above n 10, at 1563.
  • 165
    • 44849090732 scopus 로고    scopus 로고
    • The Role of Different Domestic Norms in Law and Development Reform: Lessons from China and Japan', 51
    • at
    • Graham Mayeda, 'The Role of Different Domestic Norms in Law and Development Reform: Lessons from China and Japan', 51 McGill Law Journal 547 (2006), at 586.
    • (2006) McGill Law Journal , vol.547 , pp. 586
    • Mayeda, G.1
  • 166
    • 34548025978 scopus 로고    scopus 로고
    • A New Alliance for Profit: China's Local Industries and the Chinese Diaspora
    • See, Thomas Menkhoff and Solvay Gerke eds, London: Routledge Curzen, at
    • See Noel Tracy and Constance Lever-Tracy, 'A New Alliance for Profit: China's Local Industries and the Chinese Diaspora', in Thomas Menkhoff and Solvay Gerke (eds), Chinese Entrepreneurship and Asian Business Networks (London: Routledge Curzen, 2002) 65, at 71-2.
    • (2002) Chinese Entrepreneurship and Asian Business Networks , vol.65 , pp. 71-72
    • Tracy, N.1    Lever-Tracy, C.2
  • 167
    • 44849091032 scopus 로고    scopus 로고
    • The Hongye case and the Jiangguang case discussed in Part C of the previous section show that firms owned by Chinese outside of mainland China are more likely to rely upon formal contractual mechanisms.
    • The Hongye case and the Jiangguang case discussed in Part C of the previous section show that firms owned by Chinese outside of mainland China are more likely to rely upon formal contractual mechanisms.
  • 168
    • 44849092330 scopus 로고    scopus 로고
    • See Donald Clarke et al., The Role of Law in China's Economic Development (George Washington University School of Law, Public Law & Legal Theory, Working Paper No. 187, 2006), available at http://papers.ssrn.com/ sol3/papers.cfm?abstract_id=878672, at 42.
    • See Donald Clarke et al., The Role of Law in China's Economic Development (George Washington University School of Law, Public Law & Legal Theory, Working Paper No. 187, 2006), available at http://papers.ssrn.com/ sol3/papers.cfm?abstract_id=878672, at 42.
  • 169
    • 0013322150 scopus 로고    scopus 로고
    • Power and Politics in the Chinese Court System: The Enforcement of Civil Judgments', 10
    • at
    • Donald Clarke, 'Power and Politics in the Chinese Court System: The Enforcement of Civil Judgments', 10 Columbia Journal of Asian Law 1 (1996), at 27-34.
    • (1996) Columbia Journal of Asian Law , vol.1 , pp. 27-34
    • Clarke, D.1
  • 173
    • 44849087531 scopus 로고    scopus 로고
    • Trebilcock and Leng, above n 10, at 1561.
    • Trebilcock and Leng, above n 10, at 1561.
  • 174
    • 44849117319 scopus 로고    scopus 로고
    • Trebilcock and Leng, above n 10, at 1569.
    • Trebilcock and Leng, above n 10, at 1569.
  • 175
    • 44849127112 scopus 로고    scopus 로고
    • Clarke et al., above n 149.
    • Clarke et al., above n 149.
  • 176
    • 4544228973 scopus 로고    scopus 로고
    • Legal Reform in China: Institutions, Culture, and Selective Adaptation', 29
    • at
    • Pitman B. Potter, 'Legal Reform in China: Institutions, Culture, and Selective Adaptation', 29 Law and Social Inquiry 465 (2004), at 468.
    • (2004) Law and Social Inquiry , vol.465 , pp. 468
    • Potter, P.B.1
  • 179
    • 44849088173 scopus 로고    scopus 로고
    • Simon Johnson et al., above n 15, at 261.
    • Simon Johnson et al., above n 15, at 261.
  • 180
    • 4544325024 scopus 로고    scopus 로고
    • Order with Some Law: Complementarity Versus Substitution of Formal and Informal Arrangements', 20
    • Sergio G. Lazzarini et al., 'Order with Some Law: Complementarity Versus Substitution of Formal and Informal Arrangements', 20 Journal of Law, Economics and Organization 261 (2004);
    • (2004) Journal of Law, Economics and Organization , vol.261
    • Lazzarini, S.G.1
  • 181
    • 44849100357 scopus 로고    scopus 로고
    • Trebilcock and Leng, above n 10.
    • Trebilcock and Leng, above n 10.
  • 182
    • 44849120822 scopus 로고    scopus 로고
    • North, above n 11, at 107
    • North, above n 11, at 107.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.