Company Law in Modern China-The Evolution of Legal Framework and the Recurrence of Rule of Law
The development of modern Chinese company law serves as a focal point to deeply understand the conflicts between reform and conservatism,Western civilization and traditional customs in China's process of modernization.The legal system(texts)of modern Chinese company law continuously evolved and improved through learning from and integrating Western practices while adapting them to local business environments.However,the process of rule of law experienced setbacks and recurrence due to the fluctuating power dynamics among key stakeholders behind these legal texts,including the central government,local authorities,and business groups.From the perspective of the inherent operational mechanism of the rule of law,this study attempts to explain how the lack of a stable support structure behind the rule of law hindered its smooth progress although the legal framework of modern Chinese company law kept pace with the times.However,subject to the development space resulting from the power struggle between the central and local authorities,the status of business groups fluctuated,and lacked a solid institutional foundation and legal protection,thus making it unstable and unsustainable.The rule of law progressed with the strengthening of the status of the merchant groups from the late Qing Dynasty to the Beiyang government period,but regressed with the re-centralization of the power of the central government in Nanjing and the"administration"of the merchant groups.
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