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University to research application of new laws in Shanghai FTZ

SHANGHAI University of Finance and Economics today launched 15 research projects to look into possible applicable problems with the law in the Shanghai pilot free trade zone, given that the openness of the FTZ might bring new legal issues and produce conflicts with the existing law.

The projects will be carried out along with the Shanghai No. 1 Intermediate People’s Court, which is the higher court of the FTZ tribunal and is responsible for second trials of cases in the FTZ and, if any, first trials of big cases.

“It is very necessary for us to look into the possible applicable problems of the law as Shanghai is drafting local law and regulations for the FTZ,” said Zheng Shaohua, dean of the university’s law school.

The research projects cover a wide range including banking, securities, insurance, permission for foreign investment in the real estate market, the working hour system and financial crimes.

An FTZ judicial research center was also established yesterday by the university and the court to explore the judicial reform and law application problems in the FTZ.

Zheng said the research results will be concluded before March 20 and then handed to the city’s legislative body as advice for the drafting of local laws and regulations for the FTZ.

“The change of the economic environment will inevitably lead to the change of the legal system,” said Zhang yikun, a postgraduate law student who will lead the research of the labor working hour system in the FTZ.

Zhang’s team will study whether the FTZ could break through the current standard working hour system issued by the State Council which rules that ordinary workers should work eight hours a day and 40 hours a week.

They will look into the possibility of FTZ adopting a more flexible working hour system, allowing workers to negotiate with their employers on working hours on the premise that they work no more than eight hours a day and 44 hours a week, which meets the rule of the Chinese Labor Law.

As for banking services, the research will focus on the comparative analysis of banking services in and out of the FTZ to offer advice in many aspects such as simplifying administrative approval procedures, canceling the initial working capital for foreign-invested banks that set up branches in the FTZ, and designing an anti-tax-evasion system to avoid cross-border money laundering.


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