China’s rapidly growing economy which has mastered the recession better than of any large country, tends to garner big headlines. The country’s rise coincides with another development, which receives less attention: its legal institutions.
This week when President Obama visits China, he will find a nation with a legal system far more improved from a generation ago, particularly in the area of business law.
For the United States this issue is critical because the importance in giving assurances that businesses can be carried out effectively. For US, it provides a bilateral and multilateral negotiation framework.
Deng Xiaoping took power in the late 1970s; China lacked standardized legal enforcement mechanisms. Deng, whom opened the door for China’s economic rise, realized a strong legal framework was a must for long-term growth. However, researches believe that there were fewer than 3000 lawyers in the country in 1978, a result of China closing down virtually all universities during the Cultural Revolution.
Here, located in the West we make jokes about the problems of too many lawyers, but too few could be disastrous. Deng recognized that China was in need of legal training and therefore, established a legal infrastructure to support its economic goals. He immediately started to work with international experts. Since, 1979, China graduated hundreds of thousands of lawyers. Passing the bar exam is now a requirement for all new judges; that’s the Chinese Way of dealing with problems…
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