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Legal Aspects on Banking Supervision under Financial Golobalization

Author: YangChen
Tutor: GaoCunShan
School: Shandong University
Course: Legal
Keywords: financial globalization banking supervision legal system
CLC: D996.2
Type: Master's thesis
Year: 2008
Downloads: 459
Quote: 1
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Abstract

Nowadays, the globalization has already become the main characteristic of the present era, and it is economy globalization that puts the most influence on the entire world. As the core of the modern economy, the financial industry is playing an extremely vital role on impelling the economical globalization. And because of its own unique nature, the banks became the core of the financial industry. The opening of each country’s banking industry possesses an extremely important component in economy globalization. In 2006, the financial services trade protection period which was agreed on China’s accession to the WTO came to an end. Although China has won a five-year "transitional period" soon afterwards, with the internationalization of the domestic financial markets speeding up and the competition process of the financial sector aggravating, more and more factors will affect China’s financial industry stability and security, so China’s financial industry supervision, especially the banking supervision is facing a serious challenge. In order to maintaining China financial market safety and social economic stability, first, we should start with legal system of financial supervision, adhere to risk-based supervision and work hard to raise the level of financial supervision, improve the methods and patterns of supervision. And then we should pay attention to gradually increasing the transparency of regulation in accordance with international norms and the new requirements. Only by this way, China could successfully deal with the impact of financial globalization.As the beginning of the first part of this paper, the writer briefly introduced the special nature of banking industry. And then further discussed the importance of banking supervision, as well as internationally acknowledged banking supervision goal and identified this writing idea. The second part began from the legal system of the international financial services trade. And then the writer analyzed the legal principles of the WTO agreements which related to financial services and the standards and requirements of the Basel agreement which provided for banking supervision especially, and pointed out the macroeconomic impact and challenges which are caused by the full liberalization of the financial market on the legal system of China’s banking supervision. The third part of the paper is the shortcomings on the legal system of China’s banking supervision, and the writer expounded the problems and drawbacks through two hands-the framework and the content of legal system of China’s banking supervision. In the part IV, through combining the deficiencies and problems which found in the above with the international financial services trade laws and the Basel bank agreement, the writer raised a perfect proposal to China’s commercial banking supervision from the three aspects—the market access, the business management and the market withdrawal.China’s economy has been deeply integrated into the world economy, the financial markets, increasing the openness of the domestic banking sector also faced the challenge of the open more and more and the trend that is irreversible. Nowadays, China’s economy has rapidly developed; the globalization process has become increasingly complex, global investment and trade system changing fast. How to go on maintaining economic and financial comprehensive, coordinated and sustainable development is a subject which the entire industry needs to constantly explore. Here, the author put forward some ideas about legal system of China financial supervision on the basis of superficial understanding; although some are still immature, I hope that through this paper could possess some practical significance to the academics and practical sector in sounding legal system of China’s banking supervision.

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CLC: > Political, legal > Legal > International law > International Economic Law > International financial and monetary law
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