Rethinking Corporate Governance and Law in China: The Theories, rules and Practices
- Australasian Compliance Institute
- Publication Type:
- Journal Article
- Compliance and Regulatory Journal, 2007, June 2007 (2), pp. 60 - 69
- Issue Date:
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Hailing China as a rising economic giant is not an understatement. Economic reforms have transformed China into a modern economy rivalling the neighbouring Asian tiger economies like South Korean and Taiwan. This requires greater emphasis on regulating markets and governing corporations to ensure economic growth continues. Yet, legal reforms are not as straightforward as transplanting Western models, more modification to suit Chinese political and cultural considerations needs to be incorporated. Likewise, privatisation of the telecommunications sector does not mean that government influence in the new corporations cease. This is not necessarily negative, as long as safeguards are in place. Plainly, further reforms to the law and governance will be needed. Given that Confucius s philosophy continues to play a central role in Chinese society and values, developing laws and governance practices from Confucian principles will arguably be appropriate for modern China.
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