Abstract
Over the last four decades, China has sustained extraordinary economic development despite Western assertions of under-constructed economic markets and the lack of an independent adjudicative process. The purpose of this paper is to set out the context of China’s judicial independence and high economic development scenario in the global economy. The paper aims to establish that vast economic expansion is possible without the conventional concept of an independent judiciary in which China provides an important example for the world. The study is mainly qualitative in nature and takes the analytical approach. The data and statistics have been collected from sources of the World Bank, IMF, WTO, UNCTAD, The World Factbook of the CIA, and the Chinese National Bureau of Statistics. The content analysis references the Chinese Constitution and judges law, reports of the Supreme People’s Court, books, journal articles, newspaper articles, media reports, and internet documents. The findings of the study are that China preserves “adjudicative independence” as a unique feature instead of embracing the Western concept of judicial independence that promotes the confidence of investors to make more investments. Additionally, the initiatives of “Made in China” and “One Belt, One Road” attach new wings to China’s emergence as the world’s crucial economic power. The article concludes that China’s experience provides a lesson for policymakers and economists of other developing or transitional countries struggling with weak legal and court systems, and emerging financial markets. The study strengthens the flourishing literature on the connection between judicial independence and economic development.
Highlights
As an obligatory branch of the state, the judiciary performs the core function of resolving disputes between parties
The competent judiciary is a check on the corruption of the executive, bureaucrats, the judiciary itself, corporations, and is an institution whose actions are a crucial factor in maintaining economic growth and poverty reduction
This study identifies the following reasons for the enormous economic growth in China without the conventional concept of judicial independence
Summary
As an obligatory branch of the state, the judiciary performs the core function of resolving disputes between parties. It explains and interprets the accurate meaning of the law, and it protects constitutionalism in respect of a matter relating to a written constitution through its exercise of the power of judicial review. The world’s largest financial institution (the World Bank) promotes an independent judiciary as a means of gaining more economic growth and control of corruption.. The absence of well-functioning legal and court systems, and the existence of corruption, are limitations to economic growth and sustainability of development.. In China, economic development has occurred seemingly as a “miracle” and in spite of the conventional independent judiciary promoted with devotion by Western legal scholarship and economists. This study reveals the factors behind China’s unprecedented economic growth despite the Western contention of its having weak legal institutions, a lack of judicial independence, and underdeveloped economic sectors
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
