China’s Social Justice Approach to Litigation Finance

[Gunnar Larson]

https://litigationfinancejournal.com/chinas-social-justice-approach-to-litigation-finance/

China’s Social Justice Approach to Litigation Finance

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
<https://www.bis.org/review/r211229f.htm> (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: *

   - Guiping remarks on China’s potential to harmonize the now clunky
   relationship between attorneys, third-party investors and claimants.
   - China is a very large country with 31 provinces. The Social Spring in
   China must ethically address claimants in certain jurisdictions, while in
   others champion access to justice, reasonable disclosures and a standard
   for litigation finance regulatory innovation.
   - The notion of a common cross-border regulatory standard for litigation
   finance is considered absurd by many. International funders have boosted
   litigation finance revenues by leveraging regulatory arbitrage structures.
   How will China play into all of this? Only time will tell…

As an added bonus, we collated 39 highlights
<https://drive.google.com/file/d/1fej8pVCi3DEfSTSxt297RP1fLx4ruc2s/view?usp=sharing>
from
Guiping’s speech, for reference.
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Type: text/html
Size: 5664 bytes
Desc: not available
URL: <https://lists.cpunks.org/pipermail/cypherpunks/attachments/20220424/c40bc00d/attachment.txt>