Abstract
The realm of economic law involves quite a number of regime issues, while the regimes are tied to some important relations, such as the government-market relation: the regimes of macro-economic control and market regulation are associated with government decentralization, and government decentralization shall respect the requirements of the market economic regime.
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Notes
- 1.
In the wake of the global financial crisis, all countries were plunged into economic depression. Affected by multiple factors, China entered the “new normal” period that features mid-high-speed economic growth. In this important period, China is forced to deal with the challenges in economic restructuring, equitable distribution, and rule of law construction, as well as guaranteeing people’s livelihood, making the state prosperous and people peaceful by overcoming the “Middle-income Trap”.
- 2.
Zhang (2013), A03.
- 3.
The government-market relation is an important premise for the study of social sciences. It is also a basis for building the “public-private binary structure” hypothesis that runs through the social sciences, and benefiting the study of public law and private law in the realm of legal science. Zhang (2004b), pp. 34–36.
- 4.
The market and the government are the substratum resource allocation systems, while the law shall stipulate the rights and powers associated with resource allocation, so that a large amount of legal provisions are about the roles or functions, rights or powers, duties or responsibilities of the market and the government, thus making resource allocation a core legal issue. And effective resource allocation is an important mission of the contemporary rule of law construction.
- 5.
The scholars who advocate laissez-faire, including Adam Smith and F.A. Hayek, do not deny the role of the government; likewise, the scholars who uphold state intervention, such as J.M. Keynes and Joseph Stiglitz, do not deny the role of the market.
- 6.
Karl (2007), p. 114, 136, 164.
- 7.
According to A. Smith, “as it is the power of exchanging that gives occasion to the division of labor, so the extent of this division must always be limited by the extent of that power, or, in other words, by the extent of the market”. Smith (2003), Vol. I, p. 16; Wang (2011), Issue 5; Yang (2008), Issue 1.
- 8.
After the 2008 global financial crisis, China was also struggling against the insufficient effective demand like other countries. In order to expand domestic demand, the Chinese Central Government came up with a 4 trillion yuan stimulus package, which is generally considered as the practice of the Keynesian Law in the contemporary era. Wang and Lu (2009), Issue 4.
- 9.
This idea put forward by Sima Qian in his The Records of the Historian—The Biography of Huo Zhi is also known as the “good cause theory”. According to this theory, the governments in modern times shall be good at dealing with different situations and putting aside unnecessary regulation, so that the market can perform better in resource allocation. So to speak, “good causes have good results”.
- 10.
Some Chinese scholars hold that Sima Qian somewhat inherited the “cause” or laissez-faire teachings from Confucius and Mencius. See Shi (1989), Issue 6.
- 11.
The market economy is not only a rule-of-law economy, but a credit economy, meaning that moral elements are fairly important for the benign economic development, which is embodied in lots of economic legislations, e.g., China’s civil and commercial laws and other laws in the realm of economic law have specified the good faith, public order and good customs or recognized business ethics.
- 12.
Sima Qian takes the three aspects as a whole or a system, which is consistent with the knowledge of the modern times. The measures adopted by the Chinese government, e.g., streamlining administration and delegating power to the lower levels, and micro-stimulation, is combination of “let nature take its course” and “offer guidance”.
- 13.
Adam Smith stresses that when each member of society and the legislative body choose the same principle of motion, the chess game of human society will go on smoothly; otherwise, the game will become so bitter that the human society will be confined to a state of chaos at all times. Smith (2003), P302.
- 14.
As early as ten years ago, China defined the government functions as macro-regulation, market supervision, social management, and public services. The first two of them are important economic functions of modern states, and it is more appropriate to call them macro-economic control and market regulation.
- 15.
In the past two years, the State Council of China repeatedly made the “decisions” on cancellation, decentralization and adjustment of administrative examination and approval projects, and released the Circular on Clearing up the Non-administrative Approval Projects of the Departments of the State Council (GuoFa [2014] No. 16) on April 22, 2014.
- 16.
To fulfill its objectives, the government does not have to deal with all specific matters directly, but hand them over to the market based on specialized division of labor. Therefore, the government shall pay more attention to purchasing services, even the domain of special transfer payment that manifests the national policy may be moderately marketized.
- 17.
Whether SOEs shall be primarily competitive, profit-making or commonweal? Whether they are equated with ordinary enterprises or a carrier for providing public goods on behalf of the government? What is special about their size, quantity and positioning? All of these questions need to be resolved through the reform of SOEs.
- 18.
The right to economic freedom, which is a fundamental right granted to market subjects by constitution, is an important category of economic constitution. The right to economic freedom is also embodied in various sectoral laws, for example, the right to economic freedom in the realm of economic law is the market game right of market subjects, which is manifested in the enterprises’ rights to free operation, fair competition, and legitimate competition. See Zhang (2004c), pp. 406–408.
- 19.
Since the government may obtain economic benefits through countless administrative examination and approval, it is prone to be turned into an economic entity that seeks interests for department or work unit by employing administrative power. The resulting “approval economy” must be eradicated for fear of entailing endless trouble.
- 20.
Some scholars believe that “competing markets are taken as a system that maximizes welfare without any mutual care”. Allan Schmid (1999), p. 35.
- 21.
The Reform Plan for Registered Capital Registration System, which was ratified by China’s State Council on February 7, 2014, states to reform the industrial and commercial registration system to make it more convenient, loose market access control and lower market entry thresholds, optimize the business environment, and accelerate the development of market subjects.
- 22.
More measures can be adopted to promote the specialized and refined division of labor, e.g., tax incentives or reducing double taxation.
- 23.
Since steady economic growth is the foremost goal of macro-economy of all countries, they have paid great attention to this issue in their legislation, and even promulgated special laws in this regard, Germany’s Act to Promote Economic Stability and Growth (1967) is the best-known example.
- 24.
The academic community has yet reached consensus on the Keynesian theory. Some scholars argue that this theory is more applicable to modern China. See Gong (2007), Issue 1.
- 25.
According to Article 15 of China’s Constitution at that time, “the state practices planned economy on the basis of socialist public ownership” and “it ensures the proportionate and coordinated growth of the national economy through overall balancing by economic planning and the supplementary role of regulation by the market”, we can see that the national economic planning was the main form of resource allocation, and the government-based allocation played a dominant role at that time.
- 26.
In China’s “Reform Decisions” (2013) there is an accurate description of the macro-economic control, which will help to clarify some misunderstandings.
- 27.
Chinese historian and thinker Huang Zongxi (1610–1695), in his Waiting for the Dawn, pointed out that at the beginning of a tax and fee reform, the government tends to alleviate people’s tax burden, but as time goes by, it will levy more and more “miscellaneous taxes”, thereby imposing a heavier burden on the common tax payers. Chinese scholars describe this phenomenon with “Huang Zongxi’s Law”. In fact, the “government’s streamlining administration and delegating power” shows the similar problem of “first simplification and then complication, or first reduction and then increase”, which may also be elucidated by “Huang Zongxi’s Law”. Qin (2000).
- 28.
China has been vigorously simplifying administration and delegating power, reducing administrative examination and approval, and solving the problems of excessive pre-event administration. For example, according to the Decision of the State Council on Cancellation and Decentralization of a Batch of Administrative Approval Projects, released on January 28, 2014, China’s State Council has cleared up the administrative regulations that were associated with the administrative examination and approval projects to be cancelled or decentralized. On July 29, 2014, the Decision of the State Council on Amending Some Administrative Regulations was promulgated, in aim to revise the 21 existing administrative regulations.
- 29.
The right to economic development is particularly important for market subjects. See Shouwen (2012), The right to economic development: from the perspective of economic law, Modern Law Science, Issue 2.
- 30.
At the beginning of 2011, China’s national legislative body announced that “a socialist legal system with Chinese characteristics has finally taken shape, with the Constitution as the core, the Constitution-related laws, the civil and commercial law and other sectoral laws as the trunk, the national laws and administrative regulations, and local laws and legal norms as components”. However, considering the reality of China’s rule of law construction and development of the market economy, such legal system needs to be further improved.
- 31.
Being influenced by many factors, market freedom has multiple measurement indicators. Some important ones include the degree of freedom in fiscal, finance, trade, investment, wage and price, as well as the impact of government regulation and property right protection. In the international community there has been a comprehensive judgment of economic freedom based on the above indicators. In this respect, the Hong Kong SAR has ranked first for more than a decade, while mainland China has been beyond the top 100 for years, which shows that there is still room for mainland China to further streamline administration and delegate power.
- 32.
For example, some Chinese Internet giants Baidu, Alibaba and Tencent (collectively known as “BAT), and the leading high-tech firms like Huawei and ZTE, have grown into world-renown companies with less government intervention.
- 33.
The “structural tax cut”, which was officially put forward in 2008, has received widespread attention at the national level, particularly because of the global financial crisis. Before that, China started the pilot VAT transformation in 2004, and abolished or merged multiple taxes afterwards, which could be regarded as the preparations for the “structural tax cut” policy. See Zhang (2013a), Issue 5.
- 34.
Elinor Ostrom, Nobel Prize winner in economics, once put forward a “multi-center governance” theory which holds that the government is not the only center in governance, other entities like private institutions, non-governmental organizations and individual citizens are allowed to participate in governance, thus achieving “common governance”. But in general, she is more interested in the “non-governmental non-market communications”. See Zhu (2012), p. 6.
- 35.
According to Polanyi, the introduction of free market is far from eliminating the need for government control, regulation and intervention, but greatly expands their scope of application. See Karl (2007), p. 120.
- 36.
The Opinions of the State Council on Further Promoting the Sound Development of Capital Market, which was issued on May 9, 2014, stress to adhere to the orientation of marketization and the rule of law, maintain an open, fair and impartial market order and safeguard the legitimate rights and interests of investors, particularly those of the small and medium-sized investors, enhance the competitiveness of enterprises, and better play the role of capital market in optimizing resource allocation.
- 37.
- 38.
- 39.
- 40.
- 41.
Since the consensus is formed by history, we have to analyze the economic law consensus from a historical perspective. In fact, all of the researches on economic law consensus pay attention to the historical theoretical views or important systems.
- 42.
The 1984 “Reform Decision” is short for the Decision of the Central Committee of the CPC on Reform of the Economic System, which was adopted at the Third Plenary Session of the 12th CPC Central Committee on October 20, 1984.
- 43.
This “Reform Decision” stresses “to be good at comprehensively using economic leverages such as price, taxation and loan on the basis of keeping abreast of economic trends, so as to adjust the proportional relations between total supply and total demand, between accumulation and consumption; regulate the flow of financial, material and human resources; optimize the layout of industrial structure and productivity; balance market supply and demand; and encourage foreign trade”. It is fairly close to the currently prevailing concept of macro-economic control.
- 44.
According to this “Reform Decision”, “as result of the economic regime reform and the development of the national economy, more and more economic relations and the norms for economic activities need to be specified by law”. The national legislative body shall speed up economic legislation, the courts shall raise efficiency in the trial of economic cases, the procuratorates shall worker harder in dealing with economic crimes, and the judicial organs shall actively provide legal services for economic construction”.
- 45.
On September 18, 1984, the Decision of the Standing Committee of NPC on Authorizing the State Council to Reform the Industrial and Commercial Tax System and Issue Relevant Draft Tax Regulations for Trial Application was adopted. According to the decision, the State Council came up with six draft tax regulations (product tax, VAT tax, salt tax, business tax, resource tax, and SOEs’ income tax) for trial application. On April 10, 1985, the Decision of the NPC on Authorizing the State Council to Formulate Provisional Provisions or Regulations on Economic Restructuring and Opening-up was adopted, marking that the State Council’s “legislative work” stepped onto on the fast track since then.
- 46.
In the domain of enterprises, there are Enterprise Bankruptcy Law of the People’s Republic of China (Trial) (adopted at the 18th Session of the Sixth NPC Standing Committee on Dec 2, 1986), and the Law of the People’s Republic of China on Industrial Enterprises Owned by the Whole People (adopted at the 1st Session of the Seventh NPC on Apr 13, 1988). In the domain of prices, there are the Regulations of the People’s Republic of China on Price Control (released by the State Council on Sep 11, 1987).
- 47.
Refer to the Decision of the State Council on the People’s Bank of China to Specially Perform the Functions of the Central Bank promulgated on Sep 17, 1983.
- 48.
The 1993 Reform Decision (the Decision of the CPC Central Committee on Several Issues Concerning the Establishment of a Socialist Market Economic System) was adopted at the Third Plenary Session of the 14th CPC Central Committee on Nov 14, 1993. The title of this document does not contain the word “Reform”, but it is a reform decision in the “substantive sense”, since the building of a new market economic system is counted as a great reform in China.
- 49.
Since the 1993 Reform Decision came out, the Chinese economic law community reached an unprecedentedly high degree of theoretical consensus, and began to think about the economic law issues based on the common market economy theory.
- 50.
- 51.
After the implementation of the market economic system, the basic views of the leading economic law scholars have gradually converged, thus forming lots of important economic law consensus. Some scholars believe that the formation of economic law consensus “should be firstly attributed to the transformation from planned economy to market economy”. It also illustrates the importance of the 1993 Reform Decision on the formation of economic law consensus. Qiu (2005), Issue 6.
- 52.
The 2013 Reform Decision highlights to “expedite the formation of a modern market system where enterprises operate business independently and compete on an equal footing, consumers make free choices and spend money on what they like, goods and factors are flowing freely”; the enterprise autonomy and consumer rights involved therein manifest the economic freedom right of market subjects. Zhang (2004a), pp. 406–408.
- 53.
The Decision of the CCCPC on Some Major Issues Concerning Comprehensively Deepening the Reform was adopted at the Third Plenary Session of the 18th Central Committee of the Communist Party of China on Nov 12, 2013.
- 54.
Paying attention to “systematic, integrated and coordinated” is an important economic law consensus. The realm of economic law always emphasizes systematic thought, integrated thought and coordinative thought, there are rich research findings in this regard, for example, Liu and Wang (2000), Vol. 2; Kong (2005); Liu (2006); Zhang (2001a), Vol. 2; Zhang (2011), Issue 1.
- 55.
- 56.
The “binary structure” of subjects is also applicable to analyzing the government-business relation, government-enterprise relation, and government-society relation. Zhang (2004a), pp. 33–37.
- 57.
Yue and Li (2010), Vol. 7, pp. 16–17.
- 58.
- 59.
- 60.
- 61.
- 62.
Xi (2011), Vol. 8.
- 63.
Many scholars hold that it is inappropriate to equate macro-economic control with government intervention. Yang (2009), p270.
- 64.
- 65.
Zhang et al. (1993), pp. 4–7.
- 66.
Chapter 10 of the Basic Law of the Federal Republic of Germany has specific provisions for the fiscal system of Germany. The second chapter in Part VI of the Constitution of the Bolivarian Republic of Venezuela sets out specific provisions for the systems of budget, taxation, monetary system and macro-economic control and regulation.
- 67.
The goal of the above reform is to form a “unified” and “orderly” market. Since the “establishment of a unified, open, competitive and orderly market system is the basis for the market to play a decisive role in resource allocation”, it is very important to promote the improvement of the market regulation law.
- 68.
The government-market relation is so important that “government” and “market” have become the keywords for studying the general principles of economic law. Guan (2009), Issue 4.
- 69.
The relation between the central government and local governments concerns multiple laws such as the fiscal law; the competitive relation concerns the anti-monopoly law and the anti-unfair competition law; and the relation between enterprises and consumers concern the consumer protection law. Generally speaking, properly handling these important relations is inseparable from the adjustment of economic law, which makes economic law occupy an important position in the legal system.
- 70.
After introducing the 1993 Reform Decision, China unveiled some specific “reform decisions” on its fiscal, financial and investment systems, including the Decision of the State Council on Implementing the Tax Sharing Fiscal Administration System (GuoFa [1993] No. 85) on December 15, 1993, the Decision of the State Council on the Reform of the Financial System (GuoFa [1993] No. 91) on December 25, 1993, and the Decision of the State Council on the Reform of the Investment System (GuoFa [2004] No. 20) on July 16, 2004, which have a great impact on the formation of economic law consensus.
- 71.
While China’s economic law system keeps developing, the theoretical consensus of economic law has been increasing, and the rule-of-law level has been improving. Guo (2008).
- 72.
- 73.
The scope of the 2013 Reform Decision is much wider than the previous reform decisions. In the 2013 Reform Decision, ecological civilization is an important content, but whether it should be juxtaposed with the domains such as economy and politics is worth discussion.
- 74.
For example, the 2013 Reform Decision emphasizes to “implement the statutory taxation principle”, which has become a theoretical and system consensus of economic law. Based on such consensus, it will be easier to promote the formulation of relevant tax laws and win strong support, which is sure to facilitate the implementation of the “reform decisions”.
- 75.
Zou (1995), Issue 12.
- 76.
G. Brennan, J. M. Buchanan, Constitutional economics, Feng Keli et al. (trans.); Feng (2004), p. 2.
- 77.
Some scholars hold that the focus of constitutional economics is the impact of different systems on economic growth, while the science of economic constitution not only concerns the system guarantee of stable economic growth, but also the position of human rights and individual basic freedoms in the economic system. Wu (2007), p. 4.
- 78.
Although the concept of economic constitution was thought to have originated from the study of German economic law, the German scholars Rinck et al. hold that the economic constitution is a constitutional norm or a fundamental law. Zhao (2001), Issue 4.
- 79.
- 80.
Some well-known economic jurists such as Böhm and Rinck attach great importance to studying the relation between the constitution and economic law. Like the economist Eucken, they focus on the close relation between the economic constitution and “order”, and stress that the economic constitution is the overall choice for the maintaining the order of the national economic life.
- 81.
Some scholars take “politics” and “legality” as the two attributes of the constitution, while some scholars have respectively extended the research scope of political constitution and normative constitution by taking account of “politics” and “normality” of the constitution. Gao and Tian (2011), Issue 3.
- 82.
In the foreword to the journal of Order of Economy (1937), Böhm and Eucken stress to take the economic constitution as an overall choice for the order of the national economic life. This choice is certainly a political choice, but it is also directly related to the understanding of the “laws of economy”.
- 83.
Article 1 (8) of the US Constitution sets out the “interstate trade provisions”, highlighting the legislative power of the Congress to control and regulate interstate trade. On this basis, the United States came up with the Interstate Commercial Act, the Sherman Anti-trust Act and other important economic legislations.
- 84.
Article 34 (2) of the Russian Constitution stipulates that “no economic activity seeking monopoly and unfair competition is allowed”, which lays the constitutional basis for the anti-monopoly act and the anti-unfair competition act.
- 85.
Some scholars like to name these powers as the state regulatory power and take them as the fourth form of power. Chen (2007), Issue 6.
- 86.
Some scholars hold that the property rights system is the core of the fundamental economic system (such as the market economy system or the planned economy system) specified in the constitution. Yushi (2005), p20 ~ 21.
- 87.
For example, Article 8 of the Constitution of Russia states that “in the Russian Federation, private property, state property, local property and other forms of ownership are equally recognized and protected”; while Article 9 states that “land and other resources may be taken as the private property, state property, local property and other forms of ownership”.
- 88.
For example, Articles 157 and 158 of the existing Constitution of the Federative Republic of Brazil (promulgated on Oct 5, 1988) specify the tax revenue distribution for the governments at all levels.
- 89.
This is the conclusion drawn by the famous American historian Beard when interpreting the US Constitution with an economic history perspective and an economic approach based on the “economic determinism”. Beard (2011), p. 243.
- 90.
For example, Article 71 of the Constitution of the Russia sets out the domains under the jurisdiction of the Russian Federation: “7. The legal basis for defining a unified market; the basis for fiscal, foreign exchange, credit, customs adjustment, note issuance and price policy; federal economic institutions (including the federal bank). 8. Federal budget; federal taxation and fund-raising; development funds in the federal districts”. These domains also need to be specified by economic law.
- 91.
- 92.
It is a programmatic document to define functions, define institutions and define staffing for the party and government agencies, mass organizations and public institutions.
- 93.
The Decision of the State Council on Implementing the Tax Sharing Fiscal Administration System (GuoFa [1993] No. 85) issued on Dec 15, 1993; the Notice of the State Council on the Reform Plan for Income Tax Revenue Sharing (GuoFa [2001] No. 37) issued on Dec 31, 2001; the Decision of the State Council on the Reform of the Financial System (GuoFa [1993] No. 91) issued on Dec 25, 1993; and the Decision of the State Council on the Reform of the Investment System (GuoFa [2004] No. 20) issued on Jul 25, 2004.
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Zhang, S. (2020). Tripartite Relations and Regime Theory. In: The New Horizon of China's Economic Law Theory. Understanding China. Springer, Singapore. https://doi.org/10.1007/978-981-15-8824-2_2
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DOI: https://doi.org/10.1007/978-981-15-8824-2_2
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Publisher Name: Springer, Singapore
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