The China Securities Regulatory Commission ( CSRC ) is a government agency directly under the State Council of the People's Republic of China . It is the main regulator of the securities industry in China .
71-597: Indicative of the role of the CSRC, China's highest court, the Supreme People's Court βat least as of 2004βhas declined to handle securities-related litigation directly, instead deferring such judgments to the CSRC. In November 2022, it stated its role to build "a capital market with Chinese characteristics". In 2023, the CSRC was upgraded to a government agency directly under the State Council. Additionally, it
142-541: A communist state framework based on the system of people's congress , the NPC works under the leadership of the Chinese Communist Party . Some observers characterize the branch as a rubber stamp body. Most delegates to the NPC are officially elected by local people's congresses at the provincial level; local legislatures which are indirectly elected at all levels except the county-level. The CCP controls
213-580: A centralized and unified regulation of the nationwide securities market in order to ensure their lawful operation". The CSRC oversees China's nationwide centralized securities supervisory system, with the power to regulate and supervise securities issuers, as well as to investigate, and impose penalties for "illegal activities related to securities and futures". The CSRC is empowered to issue opinions or "Guideline Opinions", which are not legally binding, as guidelines for publicly traded corporations. Supreme People%27s Court The Supreme People's Court of
284-540: A consultative body whose members represent various social groups. As the NPC and the CPPCC are the main deliberative bodies of China, they are often referred to as the Two Sessions ( Lianghui ). According to the NPC, its annual meetings provide an opportunity for the officers of state to review past policies and to present future plans to the nation. Due to the temporary nature of the plenary sessions, most of NPC's power
355-427: A groups representation. Hong Kong has had a separate delegation since the 9th NPC in 1998, and Macau since the 10th NPC in 2003. The delegates from Hong Kong and Macau are elected via an electoral college rather than by popular vote, but do include significant political figures who are residing in the two regions. Since their transfer of sovereignty, Hong Kong and Macau have been given 36 and 12 deputies elected to
426-456: A joint delegation. The PLA delegation has been amongst the largest since the founding of the NPC, making up anywhere from 4 percent of the total delegates (3rd NPC), to 17 percent (4th NPC). Since the 5th NPC, it has usually held about 9 percent of the total delegate seats, and is consistently the largest delegation in the NPC. In the 14th NPC, for example, the PLA and PAP delegation has 281 deputies;
497-577: A province that they do not live in. Delegates have the legal right to make speeches in the full chamber of the Great Hall of the People during NPC sessions, though they rarely exercise this right. Delegates are allowed to simultaneously hold seats in other bodies of government and the party and the NPC typically includes all of the senior officials in Chinese politics. The CCP maintains control over
568-526: A set of institutions which monitor local administrative measures for constitutionality. Typically, the Legislative Affairs Committee will review legislation for constitutionality and then inform the enacting agencies of its findings, and rely on the enacting agency to reverse its decision. Although the NPC has the legal authority to annul unconstitutional legislation by a local government, it has never used that power. The NPC's has
639-412: A similar approach with CCP involvement. According to official accounts, in a normal election, the process of selecting the nominees generally entails repeated discussions between Party leaders, multiple rounds of discussions with CCP members in high-ranking positions and with major non-Party organizations, as well as anti-corruption and political review of the potential candidates. The list of candidates
710-443: A somewhat greater diversity of views, they do not function as a political opposition . The Election Law requires the composition of NPC delegates to be "broadly representative". Since the beginning of the reform and opening up era in 1978, the each NPC at their last session have released a "decision on the quotas and elections" for the next NPC, allocating a certain number of seats for demographic groups or setting forth guidelines on
781-503: A trial. Further details about this were described by Zhou Qiang as: The reply is a request for a specific case. Its legal binding force is limited to the case itself and does not have universal legal effect. In other cases, the judge cannot directly use the above reply as the basis for the judgment. For documents that have universal effectiveness and guide courts at all levels, the Supreme People's Court generally publishes it in
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#1732765184240852-452: A yearly agenda which outlines the work of the NPC in a particular year. This is followed by consultation by experts and approving in principle by the CCP. Afterwards, the legislation undergoes three readings and public consultation. The final approval is done in a plenary session in which by convention the vote is near unanimous. The NPC had never rejected a government bill until 1986, during
923-594: Is accountable to the National People's Congress. During the Cultural Revolution , the 1975 constitution removed the provision that said courts were to decide cases independently and required them to report to revolutionary committees . Most staff members of the court were sent to the countryside , and the People's Liberation Army occupied the court from 1968 to 1973. Following the end of
994-439: Is considered a judicial power, in Chinese political theory, constitutional enforcement is considered a legislative power, and Chinese courts do not have the authority to determine constitutionality of legislation or administrative measures. Challenges to constitutionality have therefore become the responsibility of the National People's Congress which has a recording and review mechanism for constitutional issues. The NPC has created
1065-480: Is delegated to the Standing Committee of the National People's Congress (NPCSC), which consists of about 170 legislators and meets in continuous bi-monthly sessions, when its parent NPC is not in session. Membership to the congress is part-time in nature and carries no pay. Delegates to the National People's Congress are allowed to hold seats in other bodies of government simultaneously and the party and
1136-533: Is often full-time and carries a salary, and members are not allowed to simultaneously hold positions in executive, judicial, prosecutorial or supervisory posts. As the NPC only meets annually, the NPCSC effectively functions as the national legislature of China for most of the year. It is granted with nearly all the lawmaking powers as the NPC itself, though it lacks the powers to amend the constitution and to appoint or remove national-level personnel. The NPCSC passes
1207-486: Is on recess and the Standing Committee is in session, the same process is repeated by either the party leader in the NPCSC or by one of the party deputies, but following the approval by the NPCSC, the amendments will be presented during the plenary session to all of the deputies for a final vote on the matter. If a fifth or more of the CCP party faction deputies will propose amendments either on their own or with
1278-630: Is one of its most important enforcement tools and its use has resulted in the recovery of tens of trillions of RMB for fines and delinquent repayments. On 1 January 2019, the Intellectual Property Tribunal of the Supreme People's Court was established to handle all second instance hearings from cases heard in the first instance by the Intellectual Property Courts. The Supreme People's Court exercises its original jurisdiction over cases placed with
1349-564: Is then approved first by the CCP's Politburo Standing Committee , and then by its Politburo . If the candidates in question are nominated for a top-level position, in a special plenary session the Central Committee also endorses the nominees just before the NPC session for election by the Congress. Before the plenum ends, the CCP customarily holds a "democratic consultative meeting", formally informing non-CCP organizations, such as
1420-681: The Chinese Red Army taking 117 seats. In 1945 after World War II , the CCP and the Kuomintang held a Political Consultative Conference with the parties holding talks on post-World War II political reforms. This was included in the Double Tenth Agreement , which was implemented by the Nationalist government , who organized the first Political Consultative Assembly from 10 to 31 January 1946. Representatives of
1491-605: The Common Program , which served as the de facto constitution for the next five years. The conference approved the new national anthem, flag, capital city, and state name, and elected the first government of the People's Republic of China. It was a de facto legislature of the PRC during the first five years of existence. In 1954, the Constitution transferred this function to the National People's Congress. Under
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#17327651842401562-657: The eight minor political parties , of the proposed nominees and soliciting their views on the candidates. Full Central Committee endorsement for lower-level positions, such as regular NPCSC members, the State Council Secretary-General and departmental heads, and all members of the Special Committees and their committee chairpersons, is also expected. During the NPC session, the official in the Presidium in charge of personnel explains
1633-729: The Anti-Monopoly Law. The NPC meets for about two weeks each year at the same time as the National Committee of the Chinese People's Political Consultative Conference , usually in the Spring. The combined sessions have been known as the Two Sessions ( Lianghui ). Between these sessions, NPC's power are exercised by the Standing Committee of the National People's Congress . During the Two Sessions,
1704-592: The Bankruptcy Law proceedings, wherein a revised bill was passed in the same session. An outright rejection without a revised version being passed occurred in 2000 when a Highway Law was rejected, the first occurrence in sixty years of history. Moreover, in 2015, the NPC refused to pass a package of bills proposed by the State Council, insisting that each bill require a separate vote and revision process. The time for legislation can be as short as six months, or as long as 15 years for controversial legislation such as
1775-429: The CCP a leadership role, and the NPC therefore does not serve as a forum of debate between government and opposition parties as is the case with Western parliaments. This has led to the NPC being described as a rubber stamp legislature or as only being able to affect issues of low sensitivity and salience to the CCP. Legislation typically passes quickly, but there are notable examples where laws do not get through
1846-475: The CCP leadership approves the legislation in principle, and in which the legislation is then introduced by government ministers or individual NPC delegates, constitutional amendments are drafted and debated within the party, approved by the CCP Central Committee and then presented by party deputies under the Standing Committee to the whole of the NPC during its yearly plenary session. If Congress
1917-570: The Central Military Commission, other government organs or by the deputies themselves either of the standing committee or those of the committees within the NPC. The primary role of the CCP in the legislative process largely is exercised during the proposal and drafting of any legislation. Before the NPC considers legislation, there are working groups which study the proposed topic, and CCP leadership must first agree to any legislative changes before they are presented to either
1988-718: The Chinese Soviets of Workers', Peasants' and Soldiers' Deputies was held on 7 November 1931, in Ruijin , Jiangxi on the 14th anniversary of the October Revolution with another Soviet Congress that took place in Fujian on 18 March 1932, the 61st Anniversary of the Paris Commune . A Second National Congress took place from 22 January to 1 February 1934. During the event, only 693 deputies were elected with
2059-789: The Constitution, legislate and oversee the operations of the government, and elect the major officers of the National Supervisory Commission , the Supreme People's Court, the Supreme People's Procuratorate , the Central Military Commission , and the state. The current National People's Congress can trace its origins to the Chinese Soviet Republic beginning in 1931 where the First National Congress of
2130-601: The Constitution. Amendments to the Constitution must be proposed by the NPC Standing Committee or one-fifth or more of the NPC deputies. In order for the Amendments to become effective, they must be passed by a two-thirds majority vote of all deputies. The NPC is also responsible for supervising the enforcement of the constitution. The CCP leadership plays a large role in the approval of constitutional amendments. In contrast to ordinary legislation, which
2201-549: The Cultural Revolution in 1976, the Supreme People's Court began to focus on legal issues, especially those related to civil and commercial law, because of China's economic liberalization under new leader Deng Xiaoping . The independent power of adjudicate cases returned to the constitution with the 1982 amendment, which explicitly states the courts' right of adjudication cannot be influenced by administrative organs, social organizations and individuals. In 2005,
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2272-586: The Kuomintang, CCP, Young China Party , and China Democratic League , as well as independent delegates, attended the conference in Chongqing, temporary capital of China. A second Political Consultative Conference took place in September 1949, inviting delegates from various friendly parties to attend and discuss the establishment of a new state (PRC). This conference was then renamed the People's Political Consultative Conference. The first conference approved
2343-480: The NPC "is a carefully crafted pageant intended to convey the image of a transparent, responsive government." One of the NPC's members, Hu Xiaoyan, told BBC News in 2009 that she has no power to help her constituents. She was quoted as saying, "As a parliamentary representative, I don't have any real power." Formally, there are four main functions and powers of the NPC: The NPC has the sole power to amend
2414-465: The NPC is responsible for carrying out united front work. The NPC conducts outreach campaigns with foreign legislatures and parliamentarians for relationship-building and promotion of major CCP policy initiatives. The Election Law restricts the NPC's maximum size to 3,000 deputy seats. Under the people's congress system , the NPC is elected by the 32 people's congresses at the province-level ; people's congresses are indirectly elected at all levels by
2485-543: The NPC respectively. The NPC has included a "Taiwan" delegation since the 4th NPC in 1975, in line with the PRC's position that Taiwan is a province of China. Prior to the 2000s, the Taiwan delegates in the NPC were mostly Taiwanese members of the Chinese Communist Party who fled Taiwan after 1947. They are now either deceased or elderly, and in the last three Congresses, only one of the "Taiwan" deputies
2556-409: The NPC typically includes all of the senior officials in Chinese politics. However, membership of the Standing Committee is often full-time and carries a salary, and Standing Committee members are not allowed to simultaneously hold positions in executive, judicial, prosecutorial or supervisory posts. Under China's Constitution , the NPC is structured as a unicameral legislature, with the power to amend
2627-526: The NPC, and negative votes have become more commonplace since its inception. According to academic Rory Truex of the Princeton School of Public and International Affairs , NPC "deputies convey citizen grievances but shy away from sensitive political issues, and the government in turn displays partial responsiveness to their concerns." According to Austin Ramzy, writing for The New York Times ,
2698-522: The NPCSC. There are currently 10 special committees, which are: These are organized in like manner as the Standing Committee. The legislative process of the NPCSC works according to a five-year work plan drafted by the Legislative Affairs Commission. Within the work plan, a specific piece of legislative is drafted by a group of legislators or administrative agencies within the State Council, these proposals are collected into
2769-456: The People's Republic of China ( SPC ) is the highest court of the People's Republic of China . It hears appeals of cases from the high people's courts and is the trial court for cases about matters of national importance. According to the Constitution of China , the Supreme People's Court is accountable to the National People's Congress. The court has about 400 judges and more than 600 administrative personnel. The court serves as
2840-467: The Standing Committee, ten special committees have been established under the NPC to study issues related to specific fields. They include full time staff, who meet regularly to draft and discuss legislative work and policy proposals and the deputies assigned to the committees. A large portion of legislative work in China are effectively delegated to these committees in between the bimonthly plenary sessions of
2911-611: The State Council, or its own deputies either of the NPCSC or its committees. These include legislation on the report on the plan for national economic and social development and on its implementation, the national budget, and other matters. The Basic Laws of both the Hong Kong Special Administrative Region and the Macao Special Administrative Region, and the laws creating Hainan Province and Chongqing Municipality and
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2982-556: The Supreme People's Court announced its intent to "[take] back authority for death penalty approval" over concerns about "sentencing quality", and the National People's Congress officially changed the Organic Law on the People's Courts to require all death sentences to be approved by the Supreme People's Court on 31 October 2006. A 2008 report stated that since the new review process, the court has rejected 15 percent of
3053-616: The building of the Three Gorges Dam on the Yangtze River were all passed by the NPC in plenary session, legislation passed by the Standing Committee when it is in recess carry the same weight as those of the whole of the Congress. In performing these responsibilities either as a whole chamber or by its Standing Committee, the NPC acts in accordance with the Constitution and the laws of the People's Republic in acting on these issues in aid of legislation. In practice, although
3124-449: The candidates for the top state offices, and organizes the constitutional oath of office ceremonies. Its functions are defined in the Organic Law of the NPC , but not how it is composed. The NPC Standing Committee is the permanent body of the NPC, elected by the legislature to meet regularly while it is not in session. It consists of a chairman , vice chairpersons , a secretary-general , as well as regular members. NPCSC membership
3195-460: The composition of deputies of people's congresses, especially in the National People's Congress. By law, all elections at all levels must adhere to the leadership of the CCP. Although CCP approval is, in effect, essential for membership in the NPC, approximately a third of the seats are by convention reserved for non-CCP members. This includes technical experts and deputies of the eight minor parties. While these members provide technical expertise and
3266-446: The congress at the level below, except at the county and township level. Additionally, delegations are allocated to the People's Liberation Army (PLA), the special administrative regions of Hong Kong and Macau, as well as the claimed province of Taiwan . Membership to the congress is part-time in nature and carries no pay, with deputies spending around 49 weeks per year at their home provinces. NPC members may be elected to represent
3337-446: The constitution or a national law. However, the Supreme People's Court has never made such request. The Supreme People's Court is also responsible for supervising the adjudication of lower courts and specialized courts. National People%27s Congress The National People's Congress ( NPC ) is the highest organ of state power of the People's Republic of China . The NPC is the only branch of government in China, and per
3408-576: The constitution, the NPC is the highest organ of state power in China, and all four Chinese constitutions have granted it a large amount of lawmaking power. The presidency , the State Council , the PRC Central Military Commission , the Supreme People's Court , the Supreme People's Procuratorate , and the National Supervisory Commission are all formally under the authority of the NPC. The constitution guarantees
3479-469: The court by laws and regulations and those the court deems within its jurisdiction. It is generally selective in the matters it hears, focusing on those with the potential to impact future similar cases. It also reviews appeals or protests against trial decisions or verdicts of high people's courts and special people's courts, as well as appeals against court judgments lodged by the Supreme People's Procuratorate according to trial supervision procedures. When
3550-420: The court has discovered errors in the rulings and verdicts of lower courts that are already enforced, it investigates or appoints a lower court to rehear the case. The court also approves death sentences and suspended death sentences handed down by lower courts. It also approves verdicts on crimes not specifically stipulated in the criminal law. The court explains the application of laws in specific cases during
3621-451: The death sentences decided by lower courts. As part of an effort to build judicial credibility through more effective enforcement of court orders, the SPC in 2013 promulgated a blacklist composed of Chinese citizens and companies that refuse to comply with court orders (typically court orders to pay a fine or to repay a loan) despite having the ability to do so. As of 2023, the SPC's blacklist
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#17327651842403692-512: The final votes on laws of the NPC often return a high affirmative vote, a great deal of legislative activity occurs in determining the content of the legislation to be voted on. A major bill such as the Securities Law can take years to draft, and a bill sometimes will not be put before a final vote if there is significant opposition to the measure either within the Congress or by deputies in the Standing Committee. Like all official organs,
3763-515: The form of judicial interpretation and can make inquiries in newspapers and on the Internet. While the Chinese constitution does not state that courts have the power to review laws for their constitutionality (see constitutional review ), the Supreme People's Court can request the Standing Committee of the National People's Congress to evaluate whether an administrative rule, local regulation, autonomous regulation or separate regulation contravenes
3834-406: The full Congress or the NPCSC. The NPC elects and appoints top-level positions in the Chinese state. The following positions are elected: The following positions are appointed: Elections and appointments differ in that elections can theoretically be competitive with multiple candidates submitted by the Presidium, or with write-in votes by the delegates, while the delegates can only vote for
3905-539: The highest court for the People's Republic of China and also for cases investigated by the Office for Safeguarding National Security in Hong Kong. The special administrative regions of Hong Kong and Macau have separate judicial systems based on British common law traditions and Portuguese civil law traditions respectively, and are out of the jurisdiction of the Supreme People's Court. The Supreme People's Court
3976-424: The military. Since the 6th NPC, Taiwan has been given 6 deputies at the NPC. The military sends its own delegation to the NPC, which is elected by servicemember election committees of top-level military subdivisions, including the PLA's theater commands and service branches. After the People's Armed Police (PAP) was placed under the command of the Central Military Commission in 2018, the PLA and PAP have formed
4047-494: The next NPC, a practice followed by all subsequent NPC meetings. Per the Election Law, the NPCSC is authorized to allocate the quota seats to each provincial delegation based on the "population and distribution". The law also requires that each of China's 55 official ethnic minorities have at least one elected deputy to Congress. For the first three NPCs, there was a special delegation for returned overseas Chinese, but this
4118-400: The next largest delegation is Shandong , with 173 deputies. A 150-seat quota for ethnic minorities was enacted in China's first election law in 1953. The 1982 constitution mandates that every ethnic minority should have "an appropriate number of delegates". The 5th NPC abandoned an explicit quota for ethnic minorities, substituting it with an allocation of "approximately 12%" of all seats for
4189-419: The nomination and election processes at every level in the people's congress system. The National People's Congress meets in full session for roughly two weeks each year and votes on important pieces of legislation and personnel assignments, among other things. These sessions are usually timed to occur with the meetings of the National Committee of the Chinese People's Political Consultative Conference (CPPCC),
4260-428: The official nominee in appointments. However, nearly all of the elections are non-competitive with a single candidate, with only elections for the regular members of the NPCSC being competitive since 1988. The election and appointments for high-ranking posts are effectively decided secretly within the CCP months in advance, with NPC delegates having no say in these decisions. Elections in extraordinary circumstances have
4331-504: The other parties in plenary session, the same process is applied. In contrast to ordinary legislation, in which the Legislation Law largely directs the process, the process for constitutional revision is largely described by CCP documents. In addition to passing legislation, the NPCSC interacts with local governments through its constitutional review process. In contrast with other jurisdictions by which constitutional enforcement
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#17327651842404402-575: The principle of unified power , all state organs from the State Council to the Supreme People's Court (SPC) are subservient to it. With 2,977 members in 2023, it is the largest legislative body in the world . The NPC is elected for a term of five years. It holds annual sessions every spring, usually lasting from 10 to 14 days, in the Great Hall of the People on the west side of Tiananmen Square in Beijing. Since Chinese politics functions within
4473-497: The proposed nominees and the selection process to the delegates. The delegates are then granted the short bios of the candidates, and given time for "deliberations and consultations", or simply "deliberations" for the appointed positions. The NPC's other legislative work is creating legislation on, examining, and reviewing major national issues of concern presented to the Congress by either the CCP Central Committee,
4544-514: The richest 3% in the United States Congress at the time). Before each plenary meeting of the NPC, a preparatory meeting is held, where a Presidium and a Secretary-General for the session is elected. The Presidium presides over the NPC plenary meetings, determining its daily schedule, decides whether to list a delegate's bill on the agenda, hear delegate deliberation reports and decides whether to put an item to vote, nominates
4615-460: The sole power to "enact and amend basic criminal and civil laws, basic laws governing the State organs, and other basic laws". To do this, the NPC acts in accordance with the Constitution and laws of the People's Republic in regards to its legislative activities. When the congress is in recess, its Standing Committee enacts all legislation presented to it by the CCP Central Committee, the State Council,
4686-429: The vast majority of China's laws, and has the powers to conduct oversight over governmental bodies, appoint or remove top-level personnel that are not in the national-level, ratifies treaties, grant special amnesties, and confer state honors. A number of administrative bodies have also been established under the Standing Committee to provide support for the day-to-day operation of the NPC. These include: In addition to
4757-459: Was actually born in Taiwan ( Chen Yunying , wife of economist Justin Yifu Lin ); the remainder are "second-generation Taiwan compatriots", whose parents or grandparents came from Taiwan. Delegations from Taiwan are chosen by "consultative election meetings" composed of 120 "compatriots of Taiwanese ancestry" hailing from various provinces in China, the central government and party agencies, and
4828-400: Was eliminated starting in the 4th NPC, and although overseas Chinese remain a recognized group in the NPC, they are now scattered among the various delegations. The Hurun Report has tracked the wealth of some of the NPC's delegates: in 2018, the 153 delegates classed by the report as "super rich" (including China's wealthiest person, Ma Huateng ) had a combined wealth of $ 650 billion. This
4899-531: Was established on 22 October 1949 and began operating in November 1950. At least four members of the first court leadership did not come from a legal background, and most of its first staff were assigned from the People's Liberation Army to the Court. The functions of the court was first outlined in the Chinese constitution in its 1954 version, which said the court has the power of independent adjudication and
4970-510: Was granted responsibility auditing corporate bond issuances from the National Development and Reform Commission . In late 2023 and early 2024, the CSRC instructed some institutional investors not to sell stocks in order to stabilize share prices. China's first Securities Law was passed December 1998, and became effective July 1, 1999. The nation's first comprehensive securities legislation, it grants CSRC "authority to implement
5041-414: Was up from a combined wealth of $ 500 billion for the wealthiest 209 delegates in 2017, when (according to state media) 20% of delegates were private entrepreneurs. In 2013, 90 delegates were among the richest 1000 Chinese, each having a net worth of at least 1.8 billion yuan ($ 289.4 million). This richest 3% of delegates' average net worth was $ 1.1 billion (compared to an average net worth of $ 271 million for
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