Book Volume 3
Page: ii-ii (1)
Author: Lei Zhang, Xiaowen Tan and Pinguang Ying
Page: 1-21 (21)
Author: Kailun Zheng*
PDF Price: $15
The pursuit of greenhouse gas reduction objectives by major economies has
led them to increase their share of renewable energy. Energy subsidies are crucial but
are fraught with controversy under WTO law. For renewables such as photovoltaics,
the focus on production subsidies makes them an easier target of WTO cases. The
photovoltaic industry requires technological innovation, which is rarely addressed in
WTO law. Therefore, there is a need to reform the relevant rules to support the
development of renewable energy.
Page: 22-64 (43)
Author: Federica Monti*
PDF Price: $15
The concept of corporate social responsibility (CSR) has its roots in the
United States, between the 1930s and 1950s. Following the first definition proposed by
Howard Bowen, who is today considered the father of CSR, it soon became a concept
of great interest to the scientific community. Over the decades, this community has
gradually shifted its interest from a definition of CSR to its implementation.
Nevertheless, in today’s highly globalized and pluralized economies, affected as they
are by new social issues, deficiencies in the theorization and conceptualization of CSR
are still considered significant and pending challenges, which need to be resolved
before there can be a univocal and global understanding of CSR. In this context, culture
plays an important and distinctive role: the more global and de-territorialized a
corporate’s activities, the wider the differences to which its CSR approach is exposed.
Consequently, when applied to a pluralized and globalized market service, the more
difficult the theorization and conceptualization of CSR become. The experiences of
Japan and China, both deeply touched by Confucianism over time, represent two
interesting examples of special dimensions of CSR from which Western countries can
learn much. The CSR approach of Bhutan offers another interesting perspective.
Recognising that the objective identification of corporate duties is extremely complex,
and that it is equally complex to identify criteria, on the basis of which a corporate
practice may be considered to conform to the principles of CSR, the chapter wants to
stimulate debate around the question: Does CSR need to be regulated and defined, as
‘something’ new in corporates’ management experience, or is it perhaps something
that has always existed, and in some situations, is self-regulating and therefore it
translates only in a tool for competition?
Page: 65-88 (24)
Author: Laura Marchegiani*
PDF Price: $15
Since the beginning of this century, information technologies have been characterized by impressive advancements that have offered us powerful tools such as distributed ledger technologies, blockchain, machine learning algorithms and smart contracts. Corporate law has not been immune from this rapid evolution; in 2014, the news that an algorithm named “Vital” had been appointed to a board of directors of a Hong Kong-based venture capital firm caused a sensation in the business environment and among corporate law scholars. In fact, this algorithm did not assume the legal role of a board member; rather it operated as an advisor of the board of directors aimed at protecting the firm from risky (as well as overpriced) investments.
A similar use of technology at the board level has been noticed as a starting point from which it is conceivable (and desirable) to develop unique tools to overcome humans’ cognitive biases and improve board monitoring function as well as boost businesses’ productivity.
The crucial role of Corporation Technologies in reducing agency costs and promoting the disintermediation of organizational structures has been further emphasised in connection with the corporate social responsibility discourse. In fact, the economist Milton Friedman’s traditional assumption that ‘the only social responsibility’ of the corporation is ‘to increase its profit so long as it stays within the rules of the game’ has been vigorously re-discussed. In the Anglo-American corporate debate, as well as in the European debate, the sustainability of businesses is among the top item in the agendas of leading corporations and policy makers, increasingly so after the pandemic has exposed the vulnerability of economic structures to systemic risks.
In view of the intersection between corporate governance and sustainability, the international debate has identified shareholders’ long-term interests as a point of convergence of private business models and social and environmental values. In other words, private companies are invited to assume a societal role and to design appropriate strategies for managing their impact on the environment and the society as a whole.
The colours of 21st -century corporate law are blue for corporate technologies and green for environmental policies. The prospect of algorithmic governance in contemporary corporate law systems could be a desirable tool as long as it serves to promote the sustainable development of firms integrating management models inspired by IEL general principles but not compromising their competitiveness.
The Global Competition For Issuing Central Bank Digital Currency (‘CBDC’) And The Design Of Its Regulatory Framework - A Review Of The Development of CBDCs In China
Page: 89-112 (24)
Author: Qi Lu* and Xiya Ye
PDF Price: $15
By 2021, over two-thirds of countries across the globe were exploring the
way to issue a CBDC, among which China has taken the lead. The Chinese CBDC –
DCEP has been on trial in various cities and areas, which heralds its general application
in the near future. However, by elaborating on the main features of the DCEP, this
paper discerns several challenges that the DCEP may have to face owing to the special
regulatory design – setting the reserve rate for the DCEP at 100% – to cater to the need
of the internationalization of the Renminbi (‘RMB’). This paper maintains that this
approach cannot achieve the goal as contemplated. Instead, it would invoke the severe
issue of narrow banking. To prevent this negative externality, as well as to stave off the
risk of a systemic bank run, this paper proposes to adopt differentiated treatments for
various types of digital wallets holding the DCEP.
Refinement of Commercial Mediation Systems In The Greater Bay Area: From The Perspective Of Hong Kong’s Experience And Implications For The Mainland
Page: 113-137 (25)
Author: Hui Chen*
PDF Price: $15
Commercial mediation is regarded as one of the most significant parts of
diversified dispute resolution mechanisms, since it has unique advantages compared
with “adversarial” dispute resolution mechanisms, such as litigation and arbitration,
particularly in cross-border disputes. With the support of official guidelines and the
implementation of local governments, it is observed that mediation has become a
popular alternative dispute resolution method applied by more and more citizens in the
GBA. In addition, China became a member state of the Singapore Mediation
Convention in 2019, which demonstrates that China attaches great importance to
mediation mechanisms, with both academics and professionals recognizing the unique
role of mediation in the process of dispute resolution. Against this backdrop, this article
focuses on the implications of the Hong Kong experience to the development of
commercial mediation in the Mainland, which revolves around four aspects:
voluntariness of mediation activities, confidentiality rules, the enforceability of
mediated settlement agreements and capacity building of mediators. Due to the great
disparity in the development of commercial mediation in different GBA regions,
particularly in terms of rule frameworks and patterns of mediation, this article argues
that the future development in the GBA of commercial mediation can refer to the Hong
Kong experience in the following four respects. Firstly, the principle of voluntariness
should be enhanced in the conduct of commercial mediation; Secondly, provisions of
confidentiality and detailed provisions for breaching the confidentiality principle
should be formulated in commercial mediation; Thirdly, a uniform rule framework to
govern the mutual recognition and enforcement of commercial mediated settlement
agreements across the GBA should be provided. Last but not least, a uniform mediator
evaluation system and a mediator qualification certification platform should be
established in the Mainland.
Page: 138-162 (25)
Author: Jie Zheng and Li Chen*
PDF Price: $15
Globalization and international trade call for dispute resolution service
competitions among various nations. China is building a Diversified Dispute
Resolution Mechanism (DDRM) to connect litigation with alternative dispute
resolution methods to enhance the efficiency and flexibility of its dispute resolution
system and improve the legal environment for foreign investment. This Chapter
demonstrates China’s latest development in international commercial dispute resolution
from three perspectives: the construction of the Chinese International Commercial
Court under the Belt-and-Road Initiative, arbitration reforms in FTZs, and the
development of commercial mediation in China with the impact of the Singapore
Mediation Convention on Mediation. These judicial reforms and legal practices prove
that China is moving towards the modernization of its commercial dispute resolution
system, but further legislative and judicial reforms are required.
Structure: The structure of this chapter consists of five sections. Section I summarizes the concept of a diversified dispute resolution mechanism (DDSM) in the background of China’s further integration into the world market and embracing international rules of commercial dispute resolution. Section II to IV demonstrates the framework of the DDSM from three perspectives: international commercial court, arbitration, and commercial mediation. Section II focuses on China’s International Commercial Court with emphasis on its jurisdiction, expertise in foreign law ascertainment, procedural reforms, and the construction of a one-stop international commercial dispute resolution platform. Section III concentrates on international arbitration reforms in the context of free trade zones. The FTZs serve as a judicial experiment for allowing foreign arbitration institutions to administer international commercial disputes in China, with practical challenges, such as the legality concern of foreign arbitration institutions, the scope of foreign-related disputes, and judicial support for the arbitration proceedings administered by foreign arbitration institutions. Section IV discusses the mediation legal framework in China, focusing on judicial mediation and commercial mediation, with a light touch on the impact of the Singapore Convention on China’s mediation development. Section V concludes with current challenges to China’s development in a diversified dispute resolution mechanism and provides recommendations for the future development of the DDRM.
Page: 163-167 (5)
Author: Lei Zhang, Xiaowen Tan and Pinguang Ying
This volume reviews issues that address the interconnection between digital economy, sustainability and international economic law. It covers a range of topics, including renewables subsidies, AI and corporate governance, digital currency, dispute resolution and new developments in trade law. The selection of chapters intends to illustrate how the digital economic, sustainable development goals and arrangements could influence and potentially shape international economic law, and how they are intertwined in an increasingly connected world. However, as the concepts of digital economy and sustainable development integrate unevenly into different fields of law, the selection focuses on some of the most visible influences in corporate and international trade law in Asia. The chapters in this volume are written by eminent authorities who are devoted to the emerging multidisciplinary fields of international economic law. Contributions include structured sections with a concluding summary and reference list for the benefit of a broad range of readers. This is a timely reference for legal scholars, practitioners and law students seeking updated and critical information from the perspective of an increasingly digital, and sustainability-focused global trade economy.