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Australian Journal of Asian Law

Abstract from Volume 8 No 1 (2006)

Experimenting with Regulation: The New Regulation of Professional Services in the People’s Republic of China

Chris Arup is a Barrister and Solicitor of the Supreme Court of Victoria, Professor of Law at Victoria University.

This article traces the cautious liberalisation of professional services for corporate governance in post-WTO China. It examines recent national government measures for the regulation of legal services, accountancy and audit services, and financial services (specifically securities trading). Two features of national government regulation are considered: the development of domestic services and the participation of foreign suppliers. The context for the study is the part that professional services play in corporate governance. Policies of liberalisation and privatisation should mean that central state control over the uses of these services is relaxed. From the evidence to date, it would appear that, at most, the Chinese Government is aiming to relinquish control only gradually. At the same time, it experiments with measures that are better adapted to regulating domestic and foreign suppliers effectively, responsively and perhaps coherently in a market economy.

(2006) 8(1) Asian Law 1

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