Global Capital Markets
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Global Capital Markets

A Survey of Legal and Regulatory Trends

Edited by P. M. Vasudev and Susan Watson

This topical volume examines key developments in the law regulating capital markets, drawing on examples from around the world – including United States, Canada, Europe, China, India, and New Zealand. With perspectives from international scholars, chapters look at current issues including the regulation of crowdfunding, efforts in Europe for shareholder empowerment, hedge fund activism in Canada, international regulatory cooperation, and regulation of corporate governance in China through securities law rules.
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Chapter 5: Law and finance: from ‘transplantation’ to ‘better’ corporate governance in China

Heida Donegan

Abstract

Explosive growth in the Chinese economy over recent decades has spawned the country’s corporate governance and securities law systems. This chapter examines the course of developments, pointing out that many of the measures introduced in China, for example, independent directors and disclosures of related party transactions, are no more than simple ‘transplants’ of the devices from Western jurisdictions. It argues for refining the corporate governance and securities regulatory system to suit China’s own needs and circumstances, and posits a reduced role for government as an important prerequisite in the future development of Chinese governance systems. Keywords: • China corporate governance • Chinese business law history • Chinese Company Law • Chinese Securities Law • China Securities Regulatory Commission • Chinese State-Owned Enterprises

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