Rule of law seen as key to China’s modernization
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E-mail Xinhua, October 22, 2014
Deeper reforms
Never before had the notion carried so much weight in a country that has for thousands of years championed the efficiency of "rule of man" over rule of law.
"All the land under heaven belongs to the emperor, and everyone is his servant," goes the famous saying from China's first poetry collection, Shijing.
Many believe rule of law holds the key to the success of China's current reforms and is the harbinger of the nation's evolution toward modern civilization.
They also argue that rule of law could help institutionalize the popular anti-corruption campaign, push forward deeper reforms, and help stabilize the Chinese economy.
Facing mounting downward pressure and a painful economic transition, promoting rule of law has raised high hopes of an orderly and effective market that might offer new dividends for the Chinese economy.
This is especially true since almost all the pains currently suffered by the Chinese economy — ranging from overcapacity, real estate bubbles, risks of local government debts and shadow banks, to restricted growth in non-public sectors and insufficient innovation — could find their roots in excessive administrative interference, corruption and unfair competition, all of which are the result of the lack of rule of law.
With China's current reform drive picking up momentum, the quest to make Chinese governance more law-based is more urgent than ever.
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