The Unirule held the Seminar on Financial Order and Judicial Justice in Beijing Qingzhu Hotel on Feb. 7th, 2011. Chen Youxi, lawyer & president of Capital Equity Legal Group, Prof. Feng Xingyuan, research fellow of the Rural Development Institute of CASS & vice director of the Unirule, Prof. Hu Biliang, School of Economics and Resource Management of Beijing Normal University, Prof. He Bing, China University of Political Science and Law, Prof. Li Dun, Contemporary China Research Institute of Tsinghua University, Associate Professor Liu Yejin, Capital University of Economics and Trade, Prof. Liu Xiaoxuan, research fellow & vice director of the Department of Microeconomics of the Institute of Economics of CASS, Mr. Ma Guangyuan, commentator of the Financial and Economics Channel of CCTV & member of the People's Political Consultative Conference of Xicheng District, Beijing, Prof. Mao Shoulong, School of Public Administration and Policy of Renmin University of China, Qiu Feng, vice chairman of the Academic Committee of the Unirule, Prof. Sheng Hong, director of the Unirule, Associate Professor Wang Jianxun, China University of Political Science and Law, Mr. Wang Zhen Yu, lawyer of Beijing Impact Law Firm, Prof. Xu Xin, Law School of Beijing Institute of Technology, Dr. Xu Zhiyong, Economics School of Beijing University of Posts and Telecommunication, Dr. Yang Junfeng, Chinese People’s Public Security University, Prof. Zhang Qianfan, Law School of Peking University, Prof. Zhang Shuguang, chairman of the Academic Committee of the Unirule, Mr. Zhang Xingshu, lawyer & director of Beijing Jingding Law Firm, Mr. Zhang Yanfeng, lawyer of King & Capital Law Firm, Prof. Zhao Nong, research fellow of Institute of Economics of CASS, Mr. Zhao Xu, research fellow of the Unirule, attended the seminar.
Starting from the rationality of China’s current financial monopoly system and the impartiality of the judicial procedures in Wu Ying’s Case of “illegal fund-raising,” experts attending the seminar made reflections on drawbacks of the current financial system and judicial system refracted by the Wu Ying Case. It’s agreed among the experts that state monopoly and control is the greatest feature of China’s financial system. The government directly stipulates the uneven interest margin against market rules and restricts citizens to entering the banking industry freely so as to maintain the state monopoly structure of major state-owned banks. On one hand, relying on their monopoly position, state-owned banks attain large amounts of deposits of the whole society and easily enjoy the high profits of interest margin with little impetus to lend to small and medium-sized enterprises, thus greatly encouraging corruption. On the other, interest rates in the financial market of the private sector continued to climb up, leaving small and medium-sized enterprises trapped in capital bottleneck and survival difficulties. The Wu Ying Case occurred exactly under such background. The order of financial management “harmed” by Wu Ying is both inefficient and unfair. Wu Ying is the very sacrifice of this extremely irrational system of financial monopoly and control. The government ignored the public’s demand to liberalize private lending and interest rates and sentenced Wu Ying to death. This is against judicial fairness. In addition, there are lots of flaws in the application of laws and regulations as well as procedure justice, and the death sentence in the second trial could not stand deliberation at all.
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