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Chinese Contract Law (2nd Ed) offers an in-depth analysis of the contract making process, performance and remedies in the legal framework established under the current regulatory scheme governing contracts in China. The book discusses various contract issues from theoretic and practical viewpoints, and addresses major contractual matters in a comparative way. It examines the law of contracts as drafted, interpreted and applied with Chinese characteristics.

The second edition comprises the latest developments in contract legislation, adjudication and practices in China, including the newly adopted laws, judicial interpretations and guiding cases. It emphasizes contextual distinctions and transactional considerations relevant to contract research and practice. The book provides a meaningful tool to get inside the contemporary contract law of China.
Towards Good Governance in Development Finance
Multilateral development banks and other development agencies have adopted environmental and social safeguard policies setting due diligence standards for the provision of project finance. Such policies are evolving in terms of the activities covered and in their normative requirements. Recent iterations incorporate human rights requirements, recognising the imperative of adopting human rights-based approaches to development. Each institution has also established independent accountability mechanisms (IAM), variously functioning to ensure compliance with the applicable safeguards, to advise management regarding the application of the obligations involved, and to facilitate communication with affected communities and individuals with a view to resolving project-related disputes. IAMs are central to the implementation, interpretation, and ongoing elaboration of safeguard policies, and thus to the environmental and social good governance so essential for sustainable development.

This edited volume presents a series of in-depth examinations by leading experts from banking institutions, academia and civil society, of key aspects of the rapidly evolving practice of IAMs, and of the implications of such practice for environmental and social governance.

Abstract

The United States criticizes the Appellate Body for ‘making law’ by interpreting and applying the World Trade Organization (WTO) agreements in disregard of the intention of WTO members. The criticism of the United States is not without legitimate basis in that Members have few tools with which they may weigh in on the interpretation of the WTO agreements, even if the Appellate Body makes an erroneous interpretation. As much as the Appellate Body’s contribution to the security and predictability of the multilateral trading system warrants praise, the dysfunction of legislative and political mechanisms to counterbalance the growing de facto ‘authority’ of the Appellate Body should be a cause for concern. Against this background, this article proposes a new mechanism that would allow Members to disagree with interpretations by the Appellate Body and pronounce their own interpretations of the WTO agreements. The mechanism would be built upon ‘interpretative declarations.’

In: The Journal of World Investment & Trade

Abstract

Currency devaluation resembles subsidy and dumping in terms of its impact on global trade – it grants price advantages to exporting companies. Unlike subsidy and dumping, however, multilateral regulation of currency manipulation is far from sufficient. The World Trade Organization (WTO), whose core principles are undermined by currency manipulation, plays no role in the regulatory framework. This article discusses possible avenues for the WTO to combat currency manipulation in future negotiations. Particularly, it proposes a new approach, which is to allow the application of the surrogate price method in anti-dumping investigations against currency manipulators. The anti-dumping mechanism has long been overlooked in the relevant literature as it is believed to combat company-level activities rather than State-level activities. This new approach proposes to treat fundamental exchange rate misalignment as a special market condition which allows anti-dumping investigation authorities to use the surrogate price method to eliminate the trade distortion caused by it.

In: The Journal of World Investment & Trade

Abstract

The World Trade Organization (WTO) is in crisis. Once the Appellate Body has fewer than three members in office, it will become non-operational, compromising the WTO’s compulsory and binding dispute settlement system. Attempts to overcome the opposition of the United States to Appellate Body appointments through majority rule appear legally fragile and politically unwarranted, while purely ad hoc bilateral solutions fall short of reproducing the security provided by compulsory and binding dispute settlement. This article explores and discusses bilateral and ‘plurilateral’ agreements that willing Members may sign to re-establish compulsory dispute resolution, arguing that the one that best fits the letter and spirit of the Dispute Settlement Understanding is an ex ante agreement to establish an ‘appeal Arbitrator’ in case of a non-operational Appellate Body. If appropriately designed, such an agreement not only allows willing Members to restore a high degree of security and predictability in their mutual trade relations but also increases the incentives for multilateral negotiations leading to a permanent resolution of the crisis.

In: The Journal of World Investment & Trade

Abstract

Reaching the Sustainable Development Goals has become the lodestar of development policymaking. Increased sustainable Foreign Direct Investment (FDI) flows to developing countries can contribute to reaching the Goals. This article analyzes 150 instruments (treaties, standards, codes) prepared by key stakeholder groups in the FDI space bearing on the relationship between host countries and foreign investors, to identify FDI sustainability characteristics along the following four dimensions: economic, social and environmental development and governance. These instruments indicate especially the contributions government expect multinational enterprises (MNEs) to make to host countries and those MNEs expect to make to host countries. The analysis yields a set of indicative ‘common FDI sustainability characteristics’, and ‘emerging common FDI sustainability characteristics’. These characteristics can guide various stakeholder groups that seek to increase the contribution of FDI to development; the World Trade Organization’s Structured Discussions concerning an investment facilitation framework for development; and to arbitrators seeking to take the development dimension into account when deliberating investor-state disputes.

In: The Journal of World Investment & Trade
In: The Journal of World Investment & Trade