Image: Kai Stachowiak, Background Wallpaper, Publicdomainpictures.net
The global legal services market has been predicted to grow to USD 1,311.63 billion by 2031, with the fastest-growing regions being South America, the Middle East, Africa, and Eastern Europe and it is estimated that their compound annual growth rates will range from 11.1% to 8.9%. What are the implications of these predictions for lawyers and rule-of-law developments in China?
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Jiangxi, an inner Chinese province neighboring three prosperous coastal provinces, i.e., Zhejiang, Fujian, and Guangdong, has defied China’s national population decline to gain population growth. What is Jiangxi’s recipe for success? Can useful lessons be derived from this success and adopted by other regions in China?
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This episode of LawLink focuses on the Metaverse, digital economy, & China’s strategic moves. It is based on the content of SINOTALKS.COM In Brief No. 21 written by Dr. Mei Gechlik, Founder and CEO of SINOTALKS.COM.
Last Sunday, Dr. Mei Gechlik delivered a keynote speech titled Zhejiang, Case Guidance, and China’s Global Economic Development at a conference held in Hangzhou, Zhejiang Province. The speech turned out to be timely as on the same day, a Chinese Communist Party leader visited Alibaba, the e-commerce giant headquartered in Zhejiang. The visit not only marked the first of this type since Alibaba faced serious regulatory investigations, but also occurred only two days after President Xi Jinping chaired the country’s economic working conference, at which China’s “platform enterprises” (e.g., Alibaba) were called upon to “show their talents in leading [the country’s] development, job creation, and international competition”.
Image: Peter Griffin, Chinese Currency, Publicdomainpictures.net
China has signed memoranda of cooperation with Laos, Kazakhstan, and Pakistan to establish RMB clearing arrangements for handling cross-border transactions between China and these countries. Are other countries likely to follow suit and establish RMB clearing arrangements to strengthen their economic relations with China?
Image: Kai Stachowiak, Block Chain, Publicdomainpictures.net
The race to have a platform through which many countries can use their central bank digital currencies (“CBDCs”) to safely, efficiently, and inexpensively settle cross-border deals has drawn even more attention after China and three other jurisdictions recently announced their success in testing their blockchain-powered platform, mBridge. What are China’s expectations for mBridge? Will the success of mBridge drive other countries, including the United States, to seriously consider their own CBDC plans?
Image: Kai Stachowiak, Networking, Publicdomainpictures.net
Following the successful implementation of mBridge, what are the next steps for this pilot project’s development? What useful experiences (e.g., in testing the domestic use of its digital currency, providing related mobile payment services, and setting legal standards) can China share with other countries?
Since late 2021, China has been pushing the development of the Metaverse and expressing its keen interest in joining the Digital Economy Partnership Agreement, which was signed by Chile, New Zealand, and Singapore in June 2020. These efforts and their latest developments, together with President XI Jinping’s current visit to Central Asia, help show China’s strategic preparations for the future.
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The Digital Economy Partnership Agreement (the “DEPA”) Joint Committee formally established a group to examine China’s application to join the agreement. How will the prospects of joining the DEPA further accelerate the development of China’s cross-border e-commerce in Asia, Latin America, and Oceania? Will China’s effort to join the DEPA help bring Chinese law in line with the international standards stated in the agreement?
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China–Europe freight trains travel along more than 80 routes to connect nearly 200 cities in 24 European countries. In light of the win-win results for China and the countries along the routes, China has vowed to upgrade the service of these trains by establishing “international cooperation networks” and strengthening its support for cross-border e-commerce. What specific measures have been taken or agreed upon?
Despite various economic challenges facing China, the country’s cross-border e-commerce stands out to show rapid growth. The seeds of this growth were, however, not planted erratically as a response to economic woes associated with the COVID-19 pandemic. Understanding how this type of commerce has gained governmental support and what latest measures have been taken to resolve related disputes helps businesses seeking to sell globally seize potentially lucrative opportunities.