Former Communist China has not been known for access to justice. In fact, recent protests in Hong Kong sprung up due to China’s Fugitive Offenders and Mutual Legal Assistance in Criminal Matters Legislation. Yet Communist China is experiencing a Social Spring (a transformation from Communism to Socialism). What role will China’s Communist roots play in future access to justice?
Recently the Bank of International Settlements (BIS) discussed financial inclusion. For litigation finance to reach peak ‘high quality’ development, robust international standards are required. The United Nations Universal Declaration of Human Rights (UNDHR) is an example where 192 countries agreed on the common standards of achievement for all people and nations. There is no ‘regulatory arbitrage’ when dealing with human rights.
BIS is pioneering the social etiquette around litigation finance, according to Mr. Liu Guiping, Deputy Governor of the People’s Bank of China. Mr. Guiping’s startling approach marks a historic milestone for access to justice in China. Guiping says China aims to pioneer social justice, and that litigation finance’s ultimate potential logically requires coordinated development of regulation innovation.
China’s Social Spring Key Takeaways:
As an added bonus, we collated 39 highlights from Guiping’s speech, for reference.