title: Finding equity without the law of equity: asset management, fiduciary duty and financial consumer protection in China

authors: Li, Wenhua

subjects: Social Sciences

abstract: Asset or wealth management is a booming business in Mainland China. In a civil law system, how do Chinese law and Chinese courts deal with disputes arising out of an asset management relationship, in the absence of the branch of law of equity and trusts? The Chinese lawmakers, regulatory bodies, judges and asset management institutions are faced with challenging legal issues. Who is the owner of the assets under management? What is the nature of the relationship between the investor and the asset manager? Is an investor of an asset management product a consumer? This paper investigates the developments, the current position and the possible future of the law and practice concerning the legal issues that may arise out of the investor-manager relationship in the asset management businesses in Mainland China. The paper would also shed light on how Chinese law and courts deal with issues that would call for the intervention of the principles of equity and trusts in common law jurisdictions.

text: Finding equity without the law of equity: asset management, fiduciary duty and financial consumer protection in China Asset or wealth management is a booming business in Mainland China. In a civil law system, how do Chinese law and Chinese courts deal with disputes arising out of an asset management relationship, in the absence of the branch of law of equity and trusts? The Chinese lawmakers, regulatory bodies, judges and asset management institutions are faced with challenging legal issues. Who is the owner of the assets under management? What is the nature of the relationship between the investor and the asset manager? Is an investor of an asset management product a consumer? This paper investigates the developments, the current position and the possible future of the law and practice concerning the legal issues that may arise out of the investor-manager relationship in the asset management businesses in Mainland China. The paper would also shed light on how Chinese law and courts deal with issues that would call for the intervention of the principles of equity and trusts in common law jurisdictions.

year: 2022

title: Regional performance and characteristics of Indian manufacturing industry

authors: Kambhampati, Uma

subjects: India

abstract: This paper investigates the regional characteristics of Indian manufacturing industry. Its aim is to assess whether geography plays any major role in determining the performance or characteristics of Indian manufacturing firms, and in order to do this, it presents the results of cross-section regressions estimated on the basis of a balanced sample of 1607 firms across the 30 Indian states. The results suggest that firm performance and characteristics are related to many of the expected industrial organization variables. However, there is also evidence of significant region-state influences on both the performance and characteristics of Indian manufacturing industry. As such, the results demonstrate that analyses which focus solely on standard non-spatial industrial organization variables will fail to explain much of the cross-sectional variation in firm performance and characteristics. In particular, while there are no systematic simple centre-periphery variations in the Indian regional economic system, there is evidence to suggest that industrial spatial concentration, regional specialization, and regional market size play a key role in determining the performance and characteristics of Indian manufacturing industry.

text: Regional performance and characteristics of Indian manufacturing industry This paper investigates the regional characteristics of Indian manufacturing industry. Its aim is to assess whether geography plays any major role in determining the performance or characteristics of Indian manufacturing firms, and in order to do this, it presents the results of cross-section regressions estimated on the basis of a balanced sample of 1607 firms across the 30 Indian states. The results suggest that firm performance and characteristics are related to many of the expected industrial organization variables. However, there is also evidence of significant region-state influences on both the performance and characteristics of Indian manufacturing industry. As such, the results demonstrate that analyses which focus solely on standard non-spatial industrial organization variables will fail to explain much of the cross-sectional variation in firm performance and characteristics. In particular, while there are no systematic simple centre-periphery variations in the Indian regional economic system, there is evidence to suggest that industrial spatial concentration, regional specialization, and regional market size play a key role in determining the performance and characteristics of Indian manufacturing industry.

year: 2007

title: Ūropi Tauhokohoko Ka Taea: New Zealand-European Union Free Trade Agreement: An Independent Assessment of the Impacts for Mãori

authors: Mika, Jason

abstract: This report, entitled Ūropi tauhokohoko ka taea, which means ‘the enabling of trade with Europe,’ represents an independent assessment of the New Zealand-European Union free trade agreement (NZ-EU FTA) commissioned by Manatū Aorere—Ministry of Foreign Affairs and Trade (MFAT) as part of a National Interest Analysis (NIA). An NIA is an important way in which parliament can be assured that international treaties, like FTAs, that Aotearoa New Zealand intends to enter into are done so with confidence about their contents and how New Zealanders are affected. As the government’s lead agency on trade policy, Manatū Aorere prepares NIAs, but the Trade for All Advisory Board suggested the need for more independent analysis. This report was prepared by an independent advisor who is familiar with the issues, having previously conducted similar work. Concluded in June 2022, the NZ-EU FTA is expected to come into force in 2024. When this happens, 91% of tariffs are immediately eliminated, with eventual tariff savings of $100m per annum adding to the $17.5 billion in two-way trade.  The purpose of this report was to assess key outcomes of the NZ-EU FTA for Māori, with a focus on aspects of strong interest to Māori, including key sectors of the Māori economy, as well as particular interests in services and investment, geographical indications, digital trade, and the Māori trade chapter. In keeping with the independent nature of this assessment, a holistic kaupapa Māori framework was devised consisting of four dimensions—te ao Māori (Māori world view), te Tiriti o Waitangi (Treaty of Waitangi), te ōhanga (economy), and te taiao (environment)—on which to frame the assessment. The assessment involved a five-stage process of whanaungatanga (relationships), whai hua (document analysis), whai rawa (modelling), whai whakaaro (interviews), and whakamārama (discussion). The assessment relied on available documents, existing modelling, and official information.  In terms of whai hua (documents), the assessment found that benefits for Māori include tariff elimination on Māori goods, the treaty exception, a Māori trade chapter, references to mātauranga Māori, treaty partner engagement, and representation on groups formed under the NZ-EU FTA. Reviewed documents indicate, however, that reservations remain about protection of Māori treaty rights, the softening of benefits to Māori because of pre-existing vulnerabilities, and the size of Māori economic gains. Under whai rawa (economy), while the NZ-EU FTA is forecast to add $1.4 billion to Aotearoa New Zealand’s gross domestic product (GDP) annually, the Māori economy’s share of this gain is unknown. By emulating existing modelling, the economic impact for Māori is estimated to range from NZ$80 million (low) to NZ$150 million (high) in real GDP accruing to the Māori economy as a result of the NZ-EU FTA, with $110 million per annum the most likely scenario. This assumes an 8% growth rate in the Māori economy. Distributional effects were not assessed. Under whai whakaaro (interviews with 26 individuals), the assessment found that three of the four treaty partners (Federation of Māori Authorities, Te Taumata, Iwi Chairs Forum) were buoyant about the prospects for Māori trade with the European Union (EU). Ngā Toki Whakarururanga in their assessment identified limitations in the level of protection of Māori treaty rights and the efficacy of the treaty exception. They also desire tiriti-based negotiation. Officials provided candid reflections on the NZ-EU FTA outcomes for Māori, which are included here. Implementation success will depend on continued treaty partner engagement, adequate resourcing of the same, Māoricentred trade facilitation, and advancing domestic policy work to protect Māori treaty rights in the NZ-EU FTA.

text: Ūropi Tauhokohoko Ka Taea: New Zealand-European Union Free Trade Agreement: An Independent Assessment of the Impacts for Mãori This report, entitled Ūropi tauhokohoko ka taea, which means ‘the enabling of trade with Europe,’ represents an independent assessment of the New Zealand-European Union free trade agreement (NZ-EU FTA) commissioned by Manatū Aorere—Ministry of Foreign Affairs and Trade (MFAT) as part of a National Interest Analysis (NIA). An NIA is an important way in which parliament can be assured that international treaties, like FTAs, that Aotearoa New Zealand intends to enter into are done so with confidence about their contents and how New Zealanders are affected. As the government’s lead agency on trade policy, Manatū Aorere prepares NIAs, but the Trade for All Advisory Board suggested the need for more independent analysis. This report was prepared by an independent advisor who is familiar with the issues, having previously conducted similar work. Concluded in June 2022, the NZ-EU FTA is expected to come into force in 2024. When this happens, 91% of tariffs are immediately eliminated, with eventual tariff savings of $100m per annum adding to the $17.5 billion in two-way trade.  The purpose of this report was to assess key outcomes of the NZ-EU FTA for Māori, with a focus on aspects of strong interest to Māori, including key sectors of the Māori economy, as well as particular interests in services and investment, geographical indications, digital trade, and the Māori trade chapter. In keeping with the independent nature of this assessment, a holistic kaupapa Māori framework was devised consisting of four dimensions—te ao Māori (Māori world view), te Tiriti o Waitangi (Treaty of Waitangi), te ōhanga (economy), and te taiao (environment)—on which to frame the assessment. The assessment involved a five-stage process of whanaungatanga (relationships), whai hua (document analysis), whai rawa (modelling), whai whakaaro (interviews), and whakamārama (discussion). The assessment relied on available documents, existing modelling, and official information.  In terms of whai hua (documents), the assessment found that benefits for Māori include tariff elimination on Māori goods, the treaty exception, a Māori trade chapter, references to mātauranga Māori, treaty partner engagement, and representation on groups formed under the NZ-EU FTA. Reviewed documents indicate, however, that reservations remain about protection of Māori treaty rights, the softening of benefits to Māori because of pre-existing vulnerabilities, and the size of Māori economic gains. Under whai rawa (economy), while the NZ-EU FTA is forecast to add $1.4 billion to Aotearoa New Zealand’s gross domestic product (GDP) annually, the Māori economy’s share of this gain is unknown. By emulating existing modelling, the economic impact for Māori is estimated to range from NZ$80 million (low) to NZ$150 million (high) in real GDP accruing to the Māori economy as a result of the NZ-EU FTA, with $110 million per annum the most likely scenario. This assumes an 8% growth rate in the Māori economy. Distributional effects were not assessed. Under whai whakaaro (interviews with 26 individuals), the assessment found that three of the four treaty partners (Federation of Māori Authorities, Te Taumata, Iwi Chairs Forum) were buoyant about the prospects for Māori trade with the European Union (EU). Ngā Toki Whakarururanga in their assessment identified limitations in the level of protection of Māori treaty rights and the efficacy of the treaty exception. They also desire tiriti-based negotiation. Officials provided candid reflections on the NZ-EU FTA outcomes for Māori, which are included here. Implementation success will depend on continued treaty partner engagement, adequate resourcing of the same, Māoricentred trade facilitation, and advancing domestic policy work to protect Māori treaty rights in the NZ-EU FTA.

year: 2023-05-05