The Influence of Hong Kong Banking Law on Banking Reform in the PRC

East Asia Law Review, Vol. 3, p. 35, 2008

23 Pages Posted: 12 Feb 2009 Last revised: 31 Jan 2010

See all articles by Duncan Alford

Duncan Alford

University of South Carolina School of Law; University of South Carolina - Coleman Karesh Law Library

Date Written: October 1, 2008

Abstract

After the hand over of Hong Kong by the United Kingdom to the People's Republic of China ("PRC"), some commentators predicted that China would interfere with Hong Kong's economy and legal system despite the Basic Law's protections. This Article argues that in the area of financial supervision, particularly bank supervision, the Hong Kong Special Administrative Region has significantly influenced banking reform in the PRC. The PRC's implementation and development of bank supervisory standards that approach compliance with international financial standards has been significantly influenced by the Hong Kong Monetary Authority ("HKMA"), Hong Kong's central bank, through both informal and formal contacts between HKMA officials and PRC bank supervisory officials. The Article briefly analyzes the PRC banking system, provides a short history of banking reform in the PRC, describes the influence of the HKMA and the Hong Kong financial sector generally on the PRC banking reform efforts, and finally examines the prospects of continuing Hong Kong influences on PRC banking reform.

Keywords: banking law, Hong Kong, China, comparative law

Suggested Citation

Alford, Duncan and Alford, Duncan, The Influence of Hong Kong Banking Law on Banking Reform in the PRC (October 1, 2008). East Asia Law Review, Vol. 3, p. 35, 2008, Available at SSRN: https://ssrn.com/abstract=1341330

Duncan Alford (Contact Author)

University of South Carolina - Coleman Karesh Law Library ( email )

1525 Senate Street
Columbia, SC 29208
United States

University of South Carolina School of Law ( email )

701 Main Street
Columbia, SC 29208
United States

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