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• W1511254851 abstract "I. INTRODUCTION In years since China began its market reforms, negotiable have played an increasingly important role in China's economy.(1) Their usage facilitates circulation of commodities, timely settlement of debts, and decreases reliance on cash.(2) Promoting increased use of negotiable is significant in light of China's huge circulation of cash,(3) which has made it difficult to control total supply, slowed circulation of capital, and complicated monetary clearing procedures.(4) While negotiable have been utilized for some time according to commercial practice and custom, no overarching legal framework has existed to clarify and protect parties' legal rights.(5) The Negotiable Instruments Law of People's Republic of China was enacted on May 10, 1995, by Eighth Standing Committee of National People's Congress, highest legislative body of People's Republic of China (PRC).(6) The Negotiable Instruments Law, which came into effect January 1, 1996,(7) consists of seven chapters, covering General Provisions, Drafts, Promissory Notes, Checks, Applicability of Law to Foreign Negotiable Instruments, Legal Responsibilities, and Supplementary Provisions.(80 Chapter 2 (Drafts) contains detailed provisions on endorsement, acceptance, guarantee, payment, and right of recourse.(9) Subsequent chapters discussing various types of negotiable instruments, such as checks,(10) promissory notes,(11) and foreign instruments,(12) incorporate these provisions by reference. While Negotiable Instruments Law constitutes a comprehensive financial statute,(13) it is perhaps more significant for what it does not address than for what it does. Without expressly stating so, Negotiable Instruments Law is, in effect, a banking statute, one of several enacted at roughly same time.(14) It addresses a range of transactions or activities involving use of negotiable instruments,(15) but they are largely transactions in which banks participate, such as negotiation of drafts, which need not necessarily, but in fact often do, involve banks,(16) cashier's checks, and checks. What Negotiable Instruments Law does not address is use of promissory notes by private parties. It is in this regard that Negotiable Instruments Law is most revealing about Chinese government's perception of role negotiable should occupy in economy, and perhaps manner of conducting economic activity generally.(17) The resolution of certain unanswered questions with respect to Negotiable Instruments Law (if such issues are to be resolved) depends on enactment of detailed implementing regulations or clarification through practice or judicial interpretation. The decision to address negotiable instrument usage in a limited fashion reflects a tension in Chinese government's present approach to reform: to what degree should state control economic activity? Are laws to be adopted to further individual economic activity and opportunity or to facilitate state control over process of economic growth? The limited scope of Negotiable Instruments Law suggests that State Council(18) adheres to view that it is desirable to further state control over economic development and that negotiable are in fact instruments of state involvement with and supervision over economy. Correspondingly, adoption of Negotiable Instruments Law in its present form may reflect that government is loath to enact laws that sanction or facilitate private creation of money through use of promissory notes. II. GENERAL PROVISIONS The Negotiable Instruments Law acknowledges a need to standardize transactions involving negotiable instruments, as well as need to protect parties' legal rights and to promote the development of socialist market economy. …" @default.
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• W1511254851 title "The P.R.C.'s Negotiable Instruments Law: An Instrument for Facilitating Private Economic Activity or Monetary Control?" @default.
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