The financial markets of Hong Kong and Singapore are leading examples in Asian financial development and regulation. Shanghai, which is developing its Free Trade Pilot Zone, is equally aiming to incorporate a sophisticated service market in order to upgrade, reform and reinvigorate the current economic model of development in China in the aftermath of the global financial and economic crisis. Streamlining administrative regulation is a precondition for its financial market to find root and play a central role in Asia and beyond.
Finance, Rule of Law and Development in Asia offers a contextualized approach to the economic and political realities within Asian financial markets, especially in these three different jurisdictions. The volume adopts a comparative and precise account on the prospects and challenges in further developing these financial centres.
Prof. Dr. Jiaxiang Hu, Ph.D (2003) in Law, University of Edinburgh, is Professor and Director of the Asian Law Center at the KoGuan Law School of the Shanghai Jiao Tong University.
Dr. Matthias Vanhullebusch, Ph.D (2011) in Law, School of Oriental and African Studies (University of London), is Associate Professor and Executive Director of the Asian Law Center at the KoGuan Law School of the Shanghai Jiao Tong University.
Prof. Dr. Andrew Harding, Ph.D (1987) in Law, Monash University, is Professor and Director of the Centre of Asian Legal Studies at the Faculty of Law of the National University of Singapore.
The relationship between law and finance is one of symbiosis. A successful financial centre depends on a strong legal framework for regulation and dispute resolution; a robust legal sector is in turn enhanced by a thriving financial services community. Beyond such abstractions, however, there are different paths to becoming a truly global financial centre. Within Asia, for example, Singapore’s top-down instrumentalism and Hong Kong’s laissez-faire approach offer distinct models.
Finance, Rule of Law and Development in Asia brings together leading scholars from across the region to explain how and why these two key jurisdictions came to rival London and New York as financial centres. The contributors also discuss the rise of China, in particular Shanghai, as well as governance challenges posed by new financial products and ongoing battles against corruption. For anyone who wants to understand the past or future regulatory challenges facing Asia’s financial markets, this is an essential reading.
Prof. Dr. Simon Chesterman, Dean of the Faculty of Law of the National University of Singapore
Table of contents
List of Contributors
Part I Financial Centres in Asia: Law & Policy
The Rise of Singapore as International Financial Centre: Political Will, Industrial Policy, and Rule of Law
Inside the Singapore Financial Centre
Hong Kong: Evolution and Future as a Leading International Financial Centre
Douglas W. Arner
Level Playing Field as an Institutional Challenge to China as a Socialist Market Economy
Regulating Internationalization of Currency: Comparative Experience in Asia
A Small Difference in Wording, but a Big Difference in Rule-making: A Retrospective and Prospective View on the Development of China’s Economic Zones
Finance, Rule of Law and Human Rights in China
Part II Governing Financial Markets in Asia: Innovation and Financial Products
Positioning Singapore as an International Centre for Fund-raising
Alexander F. H. Loke
A People’s Market of Hong Kong: Facilitating Crowdfunding of SMEs
David C. Donald, George Mok & Adrian Fong
New Risk Management Requirements in Hong Kong’s Corporate Governance Code: “More than Just a Box to Tick”
Angus Young & Coral Huo
Regulating P2P Lending in China: Industrial Landscape and Regulatory Approaches
Regulating China’s Internet Money Market Funds: An Economic Perspective
Liberalizing Capital Market Entry in China: Building a Registration System
Part III Financial Crimes in Asia: Anti-Corruption Enforcement
Anti-Corruption Enforcement in Singapore
Thong Chee Kun & Muslim Albakri
Cracking the Whip on Financial Crimes in Singapore
Role of the Criminal Law in Maintaining Hong Kong as an International Financial Centre
Simon N. M. Young
Anti-Corruption Law and Enforcement in Hong Kong: Keeping it Clean
Michael I. Jackson
Financial and comparative lawyers as well as rule of law experts who are interested in the development and regulation of financial markets in Hong Kong, Singapore and Shanghai.