As the market economy evolves, the law has become out dated in terms of coverage, liquidation and restructuring arrangement. Despite subsequent amendments and legal interpretations of the law when it was applied in the GITIC case, the law in its present form cannot provide the standard financial discipline and constraints required by socialist market economy.
I noted that the organisers have chosen as title: “After the crisis”. I understand that the mood in the financial system is one of relief. But as of today, it is too early to declare the crisis over. Recent financial developments have been more benign, it is true. However a significant volume of official support underlies these developments.